The S&P 500 climbed 0.5% after the benchmark posted a third straight week of gains despite modest losses on Friday. The Dow Jones Industrial Average rose 180 points, or 0.6 percent, and the tech-heavy Nasdaq Composite gained 0.3 percent. The moves come after stocks were mixed in Friday’s session after a booming jobs report showed the US economy added twice as many jobs in July as expected. The Labor Department reported that nonfarm payrolls rose by 528,000 last month, renewing concerns that the Federal Reserve may move to aggressive rate hikes to slow demand and lower inflation. “It likely signals a reduced risk of a near-term recession but, in our view, increases the risk of a hard landing over time as the strong evidence means the Fed has more work to do,” Bank of America economists led by Michael. Gapen said in a note on Friday. The bank also revised upward its forecast for rate hikes by a further 25 basis points, calling for 50 basis point hikes in both September and November and 25 basis points in December. NEW YORK, NEW YORK – JULY 25: People walk outside the New York Stock Exchange (NYSE) on July 25, 2022 in New York City. Stocks rose slightly in morning trading as investors weighed the upcoming Federal Reserve meeting next Wednesday. (Photo by Spencer Platt/Getty Images) Investors face three big measures of inflation this week: the all-important Consumer Price Index (CPI), the Producer Price Index (PPI) and unit labor costs, a measure of all wages paid to workers. The closely watched CPI index for July, due out on Wednesday, is expected to show a slight slowdown from last month’s reading, mainly helped by lower gas prices. The number, however, is still expected to show that inflation is rising at the highest rate in four decades. Economists polled by Bloomberg had forecast the broader CPI measure to rise 8.7% in July, down slightly from 9.1% in June. During the month, the CPI is expected to show an increase of 0.2%, from 1.3% in the previous month. Earnings season is winding down, with about 87% of S&P 500 companies reporting actual second-quarter year-to-date results. However, more big reports are expected to come out, with earnings from names like Disney, ( DIS ), Coinbase ( COIN ), Tyson Foods ( TSN ) and Rivian Automotive ( RIVN ) due this week. The story continues — Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc Click here for the latest stock market news and in-depth analysis, including the events that move stocks Read the latest financial and business news from Yahoo Finance Download the Yahoo Finance app for Apple or Android Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn and YouTube
