Traders capitalized on reduced stock levels after last week's sell-off. Brokerage and retail stocks led gains while Asia-Pacific markets saw mixed results and European stocks edged higher in light trading.
The Dow advanced 390.08 points (0.9%) to 43,297.03, the Nasdaq surged 266.24 points (1.4%) to 20,031.13 and the S&P 500 jumped 65.97 points (1.1%) to 6,040.04.The strength on Wall Street came as traders continued to pick up stocks at relatively reduced levels following last week's sell-off which saw the Dow and the S&P 500 tumble to their lowest levels in over a month.
Brokerage stocks performed the best, driving the NYSE Arca Broker/Dealer Index up by 1.7%. Retail stocks saw significant strength, as reflected by the 1.5% gain posted by the Dow Jones U.S. Retail Index. Networking, computer hardware and banking stocks too were notably strong moving higher along with most of the other major sectors.
Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index dipped by 0.3%, Hong Kong's Hang Seng Index jumped by 1.1% and China's Shanghai Composite Index surged by 1.3%. European stocks saw modest strength in light pre-holiday trading. The U.K.'s FTSE 100 Index climbed by 0.4% and the French CAC 40 Index inched up by 0.1% while the German markets were closed on the day.
In the bond market, treasuries have bounced back near the unchanged line after seeing early weakness. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 4.59%.
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