NEW YORK (AP) — U.S. stocks rose Monday as Wall Street neared record highs. Rollercoaster one summer.

The S&P 500 rose 1%, marking its eighth consecutive rise, ending the longest winning streak since November and following the best week of the yearIt is back to within 1% of its all-time high after falling nearly 10% below that mark earlier this month.

The Dow Jones Industrial Average gained 236 points, or 0.6 percent, and the Nasdaq Composite jumped 1.4 percent.

Advanced Micro Devices contributed to the market growth after it said would buy ZT Systemsa provider of cloud computing and artificial intelligence, in a cash-and-stock deal valued at $4.9 billion. The chipmaker’s shares rose 4.5 percent.

Another chipmaker, Nvidia, was the strongest force in the S&P 500, rising 4.4 percent. The company was able to largely make up for the losses it suffered in the summer, triggered by investor concerns that the share price could be driven too high in the wake of their enthusiasm for artificial intelligence.

They helped offset a 4.8 percent decline at Guess? Inc. The company announced that its chief financial officer is resigning to pursue another opportunity. The clothing and accessories company said it has begun a search for a new chief financial officer and has appointed an interim chief.

Overall, the S&P 500 rose 54.00 points to 5,608.25. The Dow gained 236.77 to 40,896.53 and the Nasdaq Composite jumped 245.05 to 17,876.77.

Trading was quiet elsewhere, including in the bond market. US Treasury yields remained relatively stable ahead of what is likely to be the most important event of the week in financial markets: a speech on Friday by Jerome Powell, Chairman of the US Federal Reserve.

The venue for the speech in Jackson Hole, Wyoming, has been the scene of some major Fed policy announcements in the past. This time, expectations are not as high, with almost everyone already expecting the Fed to start cutting interest rates next month.

This would be the first such cut since the Fed began sharply raising interest rates in early 2022, hoping to slow the economy enough to curb inflation, but not enough to trigger a recession. With inflation easing from its peak of over 9% two summers ago, Fed officials have already hinted that rate cuts are imminent. The biggest question is whether the economy just needs the Federal Reserve to release the brakes, or whether it needs further acceleration and deeper cuts.

A surprisingly weak report on recruitment rate Last month’s US employers’ meeting raised concerns that the Fed has kept interest rates too high for too long. These concerns were coupled with concerns that NVIDIA and other very influential Big Tech stocks became too expensive in the midst of AI Rushalong with other factors that sent markets worldwide through a scary few weeks. This included the worst day for the Japanese market since Black Monday crash of 1987.

But a subsequent commitment from the Bank of Japan regarding interest rates there helped calm the market. Several recent reports on the US economy were also stronger than expected and included everything from inflation To Sales at US retailerswhich strengthened optimism.

There aren’t many economic reports scheduled for next week. The highlight of the week could be a preliminary report on US business activity, which will be released on Thursday.

More movement is likely to come from corporate earnings reports as the spring reporting season comes to an end. As usual, most companies posted better earnings in the last quarter than analysts expected.

More than 90% of the companies in the S&P 500 have already filed their reports and are on track to deliver nearly 11% year-over-year earnings per share growth, according to FactSet, which would be the best growth since late 2021.

Retail dominates the end of the earnings season and Lowe’s, Ross Stores, Target and TJX will be among those in the spotlight this week.

A report on Friday suggested that the US Consumers feel better about the economy than expected, but concerns about how much they can continue to spend are high. Those at the lower end of the income spectrum appear to be under particular pressure as prices remain high across the economy despite moderating inflation.

In their comments on the quarterly reports, CEOs appear to be continuing to “wait and see” in the face of ongoing concerns. However, according to Deutsche Bank strategists led by Parag Thatte, there is also confidence in “a recovery when greater macroeconomic and political clarity emerges.”

In the bond market, the yield on 10-year Treasuries fell to 3.87% from 3.88% late Friday.

On overseas stock markets, Japan’s Nikkei 225 fell 1.8 percent, hurt by the rise in the value of the Japanese yen against the U.S. dollar. Such moves can reduce the profits of Japanese exporters, and large fluctuations in the value of the yen after a recent Interest rate increase by the Bank of Japan was a major factor in the market turmoil earlier this month.

It forced hedge funds around the world to abandon a popular trade en massewhere they had borrowed cheap Japanese yen to invest elsewhere.

On Monday, however, movements on other stock markets outside Tokyo were calmer. European indices were slightly higher, while Asian indices recorded mixed results.