Stocks close higher in wait for inflation data: Stock market news today

Stocks closed higher Tuesday in the countdown to inflation reports that could give the Federal Reserve cause to consider ending its interest rate hikes sooner.

The Dow Jones Industrial Average (^DJI) led the day’s gains to close up 0.93%, or more than 315 points. The S&P 500 (^GSPC) gained 0.7%, while the tech-heavy Nasdaq Composite (^IXIC) added 0.55%.

Early Tuesday, the NFIB survey on US business confidence showed optimism rose to a seven-month high in June, but a still-tight labor market continued to drive concerns about price pressures.

At the same time, investors weighed comments from Fed officials that more rate hikes are needed as they look ahead to consumer and producer inflation reports due later this week.

Also on the radar: signs that China is gearing up to support its faltering economy, while Amazon kicks off its Prime Day promotion that will be watched for a read on retail and the American consumer.

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