WASHINGTON (dpa-AFX) - Following the upward move seen over the course of last Friday's session, stocks showed a more significant move to the upside during trading on Monday. The major averages all moved sharply higher, climbing back within striking distance of their record highs.
The major averages moved roughly sideways after an early rally, hovering firmly in positive territory. The Nasdaq surged 310.57 points or 1.4 percent to 22,990.53, the S&P 500 jumped 71.12 points or 1.1 percent to 6,735.13 and the Dow shot up 515.r97 points or 1.1 percent to 46,706.58.
Apple (AAPL) helped to lead the markets higher, with the tech giant surging by 3.9 percent to a new record closing high.
The jump by Apple came after Loop Capital upgraded its rating on the company's stock to Buy from Hold due to strong demand for the iPhone 17 series.
Positive sentiment may also have been generated in reaction to comments from National Economic Council Director Kevin Hassett, who suggested the ongoing government shutdown could end this week.
Hassett told CNBC's 'Squawk Box' he expects moderate Democrats to cross the aisle to end the government shutdown, which has entered day 20 today.
If Democrats continue to refuse to approve a funding bill unless it includes an extension of enhanced Obamacare tax credits, Hassett indicated the White House could take 'stronger measures' in order to bring them to the table.
The rally on Wall Street also came after a report from the Wall Street Journal said the Trump administration is quietly watering down some of the tariffs that underpin the president's signature economic policy.
The Wall Street Journal said President Donald Trump has exempted dozens of products from his 'reciprocal tariffs' in recent weeks and offered to carve out hundreds more goods when countries strike trade deals with the U.S.
Sector News
Steel stocks showed a substantial move to the upside on the day, driving the NYSE Arca Steel Index up by .5 percent.
Cleveland-Cliffs (CLF) led the sector higher, skyrocketing by 21.5 percent after revealing plans to look into building a rare earths mining business.
A significant rebound by the price of gold also contributed to significant strength among gold stocks, as reflected by the 3.0 percent surge by the NYSE Arca Gold Bugs Index.
Airline, banking, oil service and semiconductor stocks also turned in strong performances on the day, moving higher along with most of the other major sectors.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan's Nikkei 225 Index spiked by 3.4 percent, while Hong Kong's Hang Seng Index shot up by 2.4 percent.
The major European markets also moved to the upside on the day. While the German DAX Index jumped by 1.8 percent and the U.K.'s FTSE 100 Index and the French CAC 40 Index rose by 0.5 percent and 0.4 percent, respectively.
In the bond market, treasuries climbed into positive territory over the course of a relatively lackluster session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.1 basis points to 3.986 percent.
Looking Ahead
Amid another quiet day on the U.S. economic front, trading on Tuesday may be impacted by reaction to the latest corporate earnings news.
3M (MMM), Coca-Cola (KO) and General Motors (GM) are among some of the big-name companies due to report their quarterly results before the start of trading on Tuesday.
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