The S&P 500 increased by 6.73 points, or 0.1%, reaching 4,588.96, marking its fifth consecutive month of growth.

This streak is the longest in nearly two years, and the index has reached a 16-month high due to hopes of cooling inflation leading to the economy avoiding a predicted recession, the Associated Press reported.

The Dow Jones Industrial Average rose by 100.24 points, or 0.3%, reaching 35,559.53, while the Nasdaq composite climbed 29.37 points, or 0.2%, reaching 13,346.02.

Critics have cautioned that Wall Street’s optimism about a soft landing for the economy might have come too swiftly.

Upcoming reports this week could challenge the notion that inflation will continue to decline enough for the Federal Reserve not only to halt interest rate hikes but to begin lowering them by early next year.

Written by B.C. Begley