Stocks shook off a wobbly start on Wall Street and closed broadly higher on Monday (US time), adding to the market’s recent run of solid gains.
The S&P 500 climbed 0.4 per cent after wavering between small gains and losses in the early going. Banks, companies that depend on consumer spending and communications companies accounted for a big slice of the gains. Health care was the only sector to fall. Bond yields were mostly higher, another sign of optimism among traders. Oil prices fell.
The S&P 500 rose 11.42 points to 3,055.73. The Dow Jones Industrial Average gained 91.91 points, or 0.4 per cent, to 25,475.02. The Nasdaq composite climbed 62.18 points, or 0.7 per cent, to 9,552.05. Smaller company stocks had some of the biggest gains. The Russell 2000 index picked up 11.34 points, or 0.8 per cent, to 1,405.37.
The Australian sharemarket is poised to edge higher, with futures shortly before 7am AEST pointing to a gain of 9 points, or 0.2 per cent, at the open.