Wall Street ends higher, with all eyes on Jackson Hole

Wall Street ends higher, with all eyes on Jackson Hole

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* Tesla rises ahead of stock split

* Peloton rallies after agreeing to sell products on Amazon

* Intuit gains on upbeat revenue forecast, Q4 results (Updates with end of trading session)

By Noel Randewich and Bansari Mayur Kamdar

Aug 24 (Reuters) - Wall Street ended higher on Wednesday, supported by gains in Salesforce and Intuit while investors awaited the U.S. Federal Reserve's Jackson Hole conference this week.

Boosting the tech-heavy Nasdaq, Tesla Inc TSLA.O gained ahead of a stock split, while Intuit Inc INTU.O rallied after the accounting software maker forecast upbeat fiscal 2023 revenue.

Salesforce Inc CRM.N climbed ahead of the business software seller's quarterly report after the bell.

The S&P 500 lost ground in the previous three sessions after a summer rally was halted by growing concerns of an aggressive stance by the Fed, an energy crisis in Europe and signs of economic slowdown in China.

Investor are now focused be on the Jackson Hole symposium that begins on Thursday, with remarks from Fed Chair Jerome Powell on Friday potentially providing clues about the pace of future rate hikes and whether the central bank can achieve a "soft landing" for the economy.

"The market is biding its time to get more information on the most important things, which are inflation and the Fed's rate path," said Tom Martin, senior portfolio manager at GLOBALT Investments in Atlanta.

Traders are divided between expecting a 50-basis point hike and a 75-basis point hike by the U.S. central bank.

President Joe Biden said the U.S. government will forgive $10,000 in student loans for many debt-saddled college-goers, a move that could boost support for his fellow Democrats in the November congressional elections but also may fuel inflation.

Helped by corporate quarterly results that were not as bad as feared, the S&P 500 .SPX has recovered 13% from its mid-June lows. The benchmark index is set to end the year a little above its current level, according to strategists recently polled by Reuters.

According to preliminary data, the S&P 500 .SPX gained 12.56 points, or 0.30%, to end at 4,141.29 points, while the Nasdaq Composite .IXIC gained 51.08 points, or 0.41%, to 12,432.38. The Dow Jones Industrial Average .DJI rose 58.69 points, or 0.22%, to 32,982.80.

Peloton Interactive PTON.O surged after the stationary bike company said it would sell its products on Amazon AMZN.O in a bid to boost sales that have dropped following the end of pandemic lockdowns.

Nordstrom Inc JWN.N tumbled after the retailer cut its annual revenue and profit forecasts, a sign that inflation is squeezing consumer spending on its high-end clothing and footwear.



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Reporting by Bansari Mayur Kamdar, Devik Jain and Sruthi
Shankar in Bengaluru and by Noel Randewich in Oakland, Calif.;
Editing by Shounak Dasgupta and Marguerita Choy