Traders have placed a 94 percent bet that Fed Chair Janet Yellen will announce an increase on Wednesday.
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The unemployment rate ticked down to 4.7% as both workforce participation and employment rose.
The ECB kept its policy stance unchanged and remained dovish on its outlook ahead of key elections in France and the Netherlands and as a surge in inflation that is expected to be temporary.
Many investors are focused on upcoming meetings of the ECB on Thursday and the Federal Reserve on March 14-15, when the Fed is widely expected to nudge borrowing costs higher.
Wal-Mart’s shares rose more than 3% after the company reported better-than-expected quarterly comparable store sales.
With a strong fourth-quarter earnings season mostly complete, many investors say they need concrete signs of progress from Trump on his policy plans to justify more gains.
The S&P 500 index showed 39 new 52-week highs and no new lows, while the Nasdaq recorded 75 new highs and eight new lows.
The probability of a Fed rate increase in March, as implied by futures markets, rose slightly to 27% from 18% the previous day.
President Donald Trump said his goal of lowering taxes for businesses was moving ‘ahead of schedule’. Trump said he would release a major tax reform plan in the coming weeks.
More than half of the S&P 500 companies have reported results so far, with their combined earnings estimated to have risen 8.2% – the most in nine quarters.