Wall Street closes higher as upbeat economic data allays slowdown fears By Reuters

⚠️BREAKING: *DOW SNAPS 6-SESSION LOSING STREAK, S&P 500, NASDAQ RISE MORE THAN 1% AS WALL STREET CLOSES HIGHER AFTER SOLID ECONOMIC DATA $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸

Traders were pricing in a roughly 77% chance the Fed will raise interest rates by 25 bps to the 5.25%-5.50% range in its July meeting, according to CME Group's Fedwatch tool, up from 74.4% a day earlier.

More economic data is expected this week, including a key inflation measure, as well as Fed Chair Jerome Powell's speech at the European Central Bank Forum in Sintra, Portugal, which could provide cues on the path of interest rates. Powell's hawkish comments last week stalled a U.S. stock rally that had pushed the S&P 500 and Nasdaq to an over one-year high and the Dow to a six-month peak.

Despite recent market weakness, a growth stocks rally, an upbeat earnings season and hopes of the Fed ending its monetary tightening soon have set the main indexes on course for quarterly gains.

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