Stocks tick higher as S&P 500 shoots for a 5-day winning streak: Live updates

Stocks traded higher, putting the S&P 500 on track for its fifth straight winning session, as Wall Street headed for a strong weekly gain.

The broad market index climbed 0.6%, while the Dow Jones Industrial Average traded 342 points higher, or 0.8%. The Nasdaq Composite added 0.6%.

The S&P 500 and Nasdaq Composite are coming off their fourth straight winning session, adding to their strong week-to-date performances. The broad market index is up 3.6% this week, while the Nasdaq has popped 5.3%. The Dow has advanced 2.3%.

Wall Street is now looking ahead toward the Federal Reserve’s policy meeting on Sept. 17-18, where the central bank is largely anticipated to lower interest rates by 25 basis points. Currently, the Fed’s target rate is sitting at 5.25% to 5.5%.

Economic data reflecting a moderation in inflation also seemed to support the case for a rate cut. The consumer price index in August came in at 2.5% on annualized basis, the lowest level since February 2021. Wholesale prices, meanwhile, rose 0.2% in August, coming in line with expectations.

“At the end of the day, the U.S. consumer and the economy continue to do well, [and] profits continue to print above expectations,” Dan Greenhaus, chief strategist at Solus Alternative Asset Management, told CNBC on Thursday. “And so while we had a meaningful sell-off driven by some of those AI names, for sure, the rebound seems entirely justified because it doesn’t seem like these issues are broadening out.”