WASHINGTON (dpa-AFX) - U.S. stocks moved firmly on Monday, supported by lower Treasury yields and easing concerns about inflation due to a sharp drop in oil prices.
The major averages opened solidly higher and continued to track higher as the day progressed, ending at session highs.
The Dow climbed 366.19 points or 0.71 percent to finish at 52,048.83, while the NASDAQ soared 599.55 points or 2.26 percent to close at a record high of 27,122.09 and the S&P 500 gained 114.20 points or 1.49 percent to end at 7,764.70.
The tech-heavy NASDAQ led the rally amid renewed optimism about outlook for large AI hyperscalers, with Advanced Micro Devices (AMD), Seagate, Intel, Western Digital and Marvell all posting standout gains.
Energy stocks came under pressure as oil prices fell sharply on hopes the diplomatic efforts by U.S. and Iran will help de-escalate tensions in the Middle East. West Texas Intermediate crude oil futures for October dropped to $95.70 a barrel, losing more than 4.5 percent.
Adding to the positive sentiment, the yield on 10-year US bond dropped below the 5 percent mark on easing inflation concerns.
Gold prices also fell on Monday, snapping a three-day winning streak, as a stronger greenback and profit taking weighed on the yellow metal. The dollar index climbed to 100.42, rising nearly 0.2 percent amid expectations of more interest rate hikes from the Federal Reserve.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. China's Shanghai Composite Index moved up 0.97 percent, while the KOSPI in South Korea jumped 1.65 percent and the TSE in Taiwan rallied 1.14 percent. Japan's Nikkei 225 was off on holiday.
Meanwhile, the European markets also closed notably higher on Monday, rebounding strongly from previous session's losses on easing inflation concerns.
The FTSE in London was up 79.88 points or 0.75 percent to 10,739.01, while the DAX in Germany jumped 270.95 points or 1.07 percent to 25,575.01 and the CAC 40 in France gained 73.92 points or 0.92 percent to 8,138.94.
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