Tue, 21 Sep 2021

U.S. stocks open week with strong rises Monday

Lola Evans
14 Jan 2020, 07:24 GMT+10

NEW YORK, New York - It was another Groundhog Day on Wall Street Monday. It was business as usual for U.S. investors and traders who weighed into stock markets in the United States, sending the major indices, particularly the Nasdaq, scurrying to new heights.

Gold and bonds dropped as stock were being bought up. The U.S. dollar was stronger against most currencies. One major talking point was the Phase-one trade deal with China, scheduled to be inked at the White House on Wednesday.

"It's put up or shut up time," Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey told the Reuters Thomson news agency Monday.

"We've priced in a big rally, we expect growth and now it's time to see it. If we have a good earnings season then it will be great."

At the close of trading Monday, the Dow Jones industrials were ahead 83.28 points or 0.29% at 28,907.05.

The Standard and Poor's 500 rose 22.28 points or 0.70% to 3,288.13.

The tech-laden Nasdaq Composite climbed 95.07 points or 1.04 points to 9,273.93.

On overseas markets, indices were mixed. In Europe, the German Dax fell 0.24%. Stocks were flat in Paris, as the CAC 40 dipped 0.02%. In the UK, the FTSE 100 rose 0.39%.

Uncertainty over Brexit impacted the British pound which was sold off, pushing it to surrender the 1.3000 handle.

In late trading in New York on Monday, the pound was changing hands at 1.2994.

The euro was little changed at 1.1137. The Japanese yen fell sharply to 109.93. The Swiss franc firmed a touch to 0.9708.

The Canadian dollar inched down to 1.3060. The Australian dollar eased to 0.6905, while the New Zealand dollar fell to 0.6632.

On Asian markets, in Japan, the Nikkei 225 rose 110.67 points or 0.47% to 23,850.57.

China's Shanghai Composite strengthened by 23.28 points or 0.75% to 3,115.57.

The Australian All Ordinaries, going against the trend, shed 21.70 points or 0.31% to 7,020.20.

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