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The post-holiday optimism is in bloom on Wall Street.
US stocks closed in the black on Monday, with looming geopolitical risks in Turkey, France and North Korea being temporarily sidelined while investors turn their focus to earnings season.
The S&P 500 ended the day up 0.86 per cent at 2,349, with the Dow Jones Industrial Average gaining 183.6 points, or 0.9 per cent, to 20,636.9. The Nasdaq meanwhile was also on a tear, gaining 0.89 per cent to 5,865.8.
The financial and industrials sectors led the gains, thanks to a boost from banks — which are among the first quarterly reporters — and from industrials, which were lifted by a 2.5 per cent rise for Arconic, the metals and components group whose chairman and chief executive Klaus Kleinfeld stepped down earlier in the day following a bruising tiff with activist fund Elliott Management.
After rising earlier in the day, the 10-year Treasury yield — which move inversely to its price — was giving up some of its gains to sit at 2.52 per cent near the end of the trading day.
The US dollar, meanwhile, was bouncing back from its sessions lows after US treasury secretary Steven Mnuchin told the FT that he agreed with President Donald Trump’s repeated comments in recent months that the dollar’s strength in the short term was hurting US exports and the economy.
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