WASHINGTON (dpa-AFX) - Stocks moved mostly higher over the course of the trading session on Monday, adding to the strong gains posted last week. With the continued upward move, the Nasdaq and the S&P 500 once again set new record closing highs.
The major averages reached new highs late in the session before giving back some ground going into the close. The Dow advanced 275.50 points or 0.6 percent to 44,094.77, the Nasdaq climbed 96.27 points or 0.5 percent to 20,369.73 and the S&P 500 rose 31.88 points or 0.5 percent to 6,204.95.
The continued strength on Wall Street came amid ongoing optimism about trade deals ahead of the impending deadline for U.S. reciprocal tariffs early next month.
Positive sentiment was also generated in reaction to news Canada has rescinded its digital services tax on American tech firms, which were initially set to begin being collected today.
The move comes after President Donald Trump said last Friday that ending trade talks with Canada due to the digital services tax.
'Rescinding the digital services tax will allow the negotiations of a new economic and security relationship with the United States to make vital progress and reinforce our work to create jobs and build prosperity for all Canadians,' said Canadian Finance Minister Francois-Philippe Champagne.
Traders were also keeping an eye on developments in Washington, D.C., where the Senate is holding a 'vote-a-rama' on amendments to Trump's tax cuts and spending bill after the chamber narrowly voted to begin debate on the bill over the weekend.
Meanwhile, Trump continued to pressure the Federal Reserve to lowest rates, saying in a post on Truth Social that Fed Chair Jerome Powell and his entire board should be 'ashamed of themselves.'
'They have one of the easiest, yet most prestigious, jobs in America, and they have FAILED - And continue to do so,' Trump said.
'If they were doing their job properly, our Country would be saving Trillions of Dollars in Interest Cost,' he added. 'The Board just sits there and watches, so they are equally to blame. We should be paying 1% Interest, or better!'
Sector News
Gold stocks showed a strong move to the upside amid a notable increase by the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 2.8 percent.
Significant strength also emerged among brokerage stocks, as reflected by the 2.0 percent jump by the NYSE Arca Broker/Dealer Index.
Computer hardware, software and networking stocks also turned in strong performances, while oil service stocks moved to the downside along with the price of crude oil.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan's Nikkei 225 Index advanced by 0.8 percent, while China's Shanghai Composite Index climbed by 0.6 percent.
Meanwhile, the major European markets have moved to the downside on the day. While the German DAX Index slid by 0.5 percent, the U.K.'s FTSE 100 Index fell by 0.4 percent and the French CAC 40 Index dipped by 0.3 percent.
In the bond market, treasuries saw a notable rebound following the pullback seen last Friday. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 5.3 basis points to a two-month closing low of 4.230 percent.
Looking Ahead
Trading on Tuesday may be impacted by reaction to the latest U.S. economic news, including reports on manufacturing activity and job openings.
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