The three indexes climbed for another day, continuing to regain ground in the final innings of a difficult month.
on Tuesday. Any indication of a cooling economy can buoy investor hopes that the Federal Reserve could lighten its policy stance.
Tuesday's "move goes back to a 'bad news is good news' type environment, which tends to be the case when investors are worried about rates and Fed policy," said Sonu Varghese, global macro strategist at Carson Group. "Any softness in economic data results in less upward pressure on yields, and that helps equities."
Despite the gains, the three major indexes still remain on pace for losses in August with just two trading days left. The Nasdaq Composite is poised to end August 2.8% lower, while the Dow and S&P 500 are both slated for drops of around 2%. Investors will watch on Wednesday for ADP's jobs data, the first in a bevy of labor statistics coming over the course of this week. Jobless claims numbers are due Thursday, followed by data on nonfarm payrolls, wages and the unemployment rate on Friday.
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