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Stocks climbed on Monday as Italy formed a government, relieving a two-month political stalemate and boosting investors' appetite for risky assets, while better-than-expected housing data boosted market optimism. The S&P 500, up six of the last seven sessions, was on track to set a record closing high.
Wall Street followed European stocks higher as Italy's new Prime Minister Enrico Letta's focus on growth and away from austerity in his inaugural speech lifted hopes for further stimulus from the European Central Bank.
Policymakers of the ECB and the US Federal Reserve will meet separately this week, and the Fed is expected to maintain its stimulus measures.
The Dow Jones industrial average rose 105.13 points or 0.71 per cent, to 14,817.68, the S&P 500 gained 12.88 points or 0.81 per cent, to 1,595.12 and the Nasdaq Composite added 35.12 points or 1.07 per cent, to 3,314.39. Apple led a 1.7-per cent advance in technology stocks, the best performing sector. Apple was up 3.8 per cent at $433.
