NEW YORK, New York - U.S. stock markets staged a huge rally to kick off the new week on Monday. Equity markets, domestically and globally, however, have been volatile since the Democrats seized control of Congress in last week's midterm elections.
"With many investors unwilling to stick their neck out right before year-end, we struggle to find many positive catalysts for stocks over the near-term," Chris Senyek, Wolfe Research's chief investment strategist, said in a Monday note.
"We believe markets are likely to remain very news flow driven and need to hold critical technical support levels, Senkey said."
The Standard and Poor's 500 climbed 172.95 points, or 2.34 percent Monday, to close at 7,549.81 on volume of 3.395B. The benchmark index traded between 7,422.24 and 7,577.39 during the session, within a 52-week range of 6,316.91 to 7,844.52.
The Dow Jones Industrial Average rose 1,104.32 points, or 2.15 percent, to 52,390.05 on volume of 796.307M, after trading between 51,643.01 and 52,574.34. The blue-chip index's 52-week range stands at 45,057.28 to 54,744.33.
The NASDAQ Composite led the advance, jumping 673.71 points, or 2.74 percent, to 25,253.14 on volume of 6.991B. The tech-heavy index traded within a range of 24,762.57 to 25,354.30, with a 52-week range of 20,690.25 to 27,722.75.
Monday's rally was broad-based, with the NASDAQ's gain outpacing the other indices, while the Dow's move above 52,000 underscored the session's strength.
U.S. Dollar Retreats Against Major Currencies Monday as Euro, Pound, Aussie Post Solid Gains
The U.S. dollar traded lower against all of the major currencies on Monday, with the euro, British pound, Australian dollar, Japanese yen, Canadian dollar and Swiss franc all strengthening against the greenback.
The EUR-USD pair rose 0.70 percent to 1.1221, as the euro advanced against the dollar. The GBP-USD rate gained 0.65 percent to 1.3439, with sterling also moving higher.
The Australian dollar posted the strongest gain among the majors, with AUD-USD climbing 0.90 percent to 0.6929.
The dollar also weakened against the yen, with USD-JPY falling 0.37 percent to 157.90.
Against the Canadian dollar, USD-CAD slipped 0.08 percent to 1.4117, while USD-CHF declined 0.13 percent to 0.8194, reflecting the greenback's softer tone against the Swiss franc.
The broad-based decline left the dollar lower across the board, with the Australian dollar's advance leading the moves among the major pairs.
Global Markets Close Mostly Higher Monday as Canadian, UK, European and Asian Indices Rally; Singapore and Hong Kong Buck the Trend
World stock markets closed predominantly higher on Monday, with Canadian, UK, and European benchmarks posting solid gains and several Asian indices surging, though a handful of markets in the region ended in negative territory.
In Canada, the S&P/TSX Composite index gained 657.17 points, or 1.84 percent, to close at 36,446.26 on volume of 306.095M, having traded between 36,038.46 and 36,575.63. The index's 52-week range is 29,828.50 to 37,069.10.
The FTSE 100 in London closed at 10,782.87, up 108.93 points or 1.02 percent, within a session range of 10,654.32 to 10,785.24. The index's 52-week range stands at 9,423.90 to 10,989.50.
Germany's DAX P climbed 446.79 points, or 1.73 percent, to close at 26,267.19, after trading between 25,793.06 and 26,276.09, with a 52-week range of 21,863.81 to 26,692.90. The CAC 40 in Paris rose 94.30 points, or 1.16 percent, to 8,233.30, within a range of 8,107.08 to 8,244.61 and a 52-week band of 7,505.27 to 8,755.03.
The EURO STOXX 50 I gained 119.96 points, or 1.94 percent, to close at 6,290.45, having traded between 6,159.17 and 6,296.39, with a 52-week range of 5,376.81 to 6,577.20. The Euronext 100 Index added 29.19 points, or 1.56 percent, to finish at 1,902.93, within a range of 1,867.82 to 1,905.02 and a 52-week range of 1,658.14 to 1,984.60. In Belgium Monday, the BEL 20 rose 102.02 points, or 1.70 percent, to 6,098.09, trading between 5,981.29 and 6,098.09, with a 52-week range of 4,774.82 to 6,098.09.
In Asia, Hong Kong's HANG SENG INDEX slipped 32.91 points, or 0.13 percent, to close at 24,448.95, after trading between 24,421.11 and 24,738.88, within a 52-week range of 22,518.00 to 28,056.10.
Mainland China's SSE Composite Index added 11.61 points, or 0.32 percent, to 3,660.79 on volume of 4.118B, after trading between 3,653.05 and 3,679.09, within a 52-week range of 3,574.27 to 4,258.86. In Japan, the Nikkei 225 closed at 58,775.50, up 1,340.73 points or 2.33 percent, within a session range of 57,775.16 to 59,440.18 and a 52-week range of 48,235.30 to 72,831.73.
Singapore's STI Index fell 117.08 points, or 2.21 percent, to 5,179.17, within a range of 5,138.75 to 5,199.82 and a 52-week band of 4,457.14 to 5,828.50.
In Australia, the S&P/ASX 200 edged up 8.90 points, or 0.10 percent, to 9,029.70, trading between 8,968.50 and 9,055.70, with a 52-week range of 8,262.40 to 9,296.70. The ALL ORDINARIES gained 18.70 points, or 0.20 percent, to 9,163.40, within a range of 9,100.90 to 9,188.70 and a 52-week range of 8,454.90 to 9,474.80.
New Zealand's S&P/NZX 50 INDEX GROSS fell 24.88 points, or 0.18 percent, to 13,973.62, within a range of 13,899.46 to 14,000.56 and a 52-week band of 12,689.78 to 14,090.97.
In India on Monday, the S&P BSE SENSEX added 107.25 points, or 0.13 percent, to close at 81,106.65, having traded between 80,519.31 and 81,339.41, with a 52-week range of 71,292.88 to 86,159.02. Indonesia's IDX COMPOSITE rose 23.34 points, or 0.46 percent, to 5,073.77, within a range of 5,027.96 to 5,105.83 and a 52-week range of 4,824.36 to 9,174.47.
In Malaysia, the FTSE Bursa Malaysia KLCI declined 19.28 points, or 1.18 percent, to 1,616.58, after trading between 1,610.80 and 1,620.55, within a 52-week range of 1,592.57 to 1,771.25.
South Korea's KOSPI Composite Index dropped 40.84 points, or 0.81 percent, to 5,018.85, with a 52-week range of 0.00 to 9,385.59. In Taiwan, the TSEC CAPITALIZATION WEIGHTED ST surged 1,960.06 points, or 4.94 percent, to 41,661.70, trading between 40,347.28 and 42,349.36, within a 52-week range of 26,395.98 to 49,968.92.
In the Middle East on Monday, Israel's TA-125 gained 75.28 points, or 1.97 percent, to close at 3,898.91, within a range of 3,816.97 to 3,898.91 and a 52-week range of 3,357.51 to 4,588.51.
In Egypt, the EGX 30 Price Return Index rose 602.80 points, or 1.19 percent, to 51,414.90 on volume of 186.173M, trading between 50,812.10 and 51,434.90, with a 52-week range of 50,812.10 to 51,434.90.
South Africa's Top 40 USD Net TRI Index jumped 203.54 points, or 2.99 percent, to 7,009.44, within a range of 6,827.42 to 7,025.55 and a 52-week range of 6,120.39 to 8,184.71.
(This report incorporates quotes retrieved with the assistance of artificial intelligence).
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