US stocks moved notably higher over course of the trading session on Monday with the Nasdaq and the S&P 500 reaching new record closing highs. The major averages pulled back off their best levels going into the close but remained firmly positive. The Nasdaq jumped 168.14 points or 1.0 percent to 17,857.02, the S&P 500 advanced 41.63 points or 0.8 percent to 5,473.23 and the Dow climbed 188.94 points or 0.5 percent to 38,778.10. Oil service stocks moved sharply higher along with the price of crude oil. Semiconductor, banking and software stocks also saw notable strength, while utilities and telecom stocks bucked the uptrend.
On the U.S. economic front, the Federal Reserve Bank of New York released a report showing New York manufacturing activity contracted at a notably slower rate in the month of June. The New York Fed said its general business conditions index climbed to a negative 6.0 in June from a negative 15.6 in May, although a negative reading still indicates contraction. While Federal Reserve officials forecast just one interest rate cut this year following last Wednesday's monetary policy meeting, traders remain hopeful the predictions will turn out to be overly conservative if inflation continues to slow in the coming months. In the bond market, treasuries gave back ground after trending higher over the past several sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 6.6 basis points to 4.279 percent. US economic reports on retail sales and industrial production are due on Tuesday.
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