The US markets ended higher on Monday as traders looked to pick up stocks at reduced levels on the heels of the recent weakness. Further, Stable oil prices and global equities gains too soothed sentiment after a bruising week of losses. Meanwhile, US-China trade tensions continued to loom over the market ahead of the Group of 20 summit beginning Friday when President Donald Trump and Chinese President Xi Jinping are expected to meet and discuss trade issues. Besides, some support came in as retail shares rallied on expectations of strong sales as shoppers went hunting for deals on Cyber.
Global developments also influenced trading. Signs that Italy’s coalition government was prepared to cut its budget deficit target - a move that could defuse tensions between Rome and the European Union - helped soothe jitters. UK Prime Minister Theresa May also walked away from an EU meeting with approval for her Brexit deal and now seeks the approval of her own parliament. However, a lack of economic data also kept some traders on the sidelines. Traders are likely to keep an eye on remarks by Federal Reserve Chairman Jerome Powell as well as the minutes of the Fed’s latest monetary policy meeting.
Dow Jones Industrial Average surged by 354.29 or 1.46 percent points to 24640.24, S&P 500 gained 40.89 points or 1.55 percent to 2673.45 and Nasdaq was up 142.87 points or 2.06 percent to 7081.85.
