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U.S. stock rally continues

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The Dow Jones Industrial Average climbed to 27584, the S&P 500 jumped to 3351, and the Nasdaq 100 rose to 11364

On Monday, U.S. stocks continued their rally. The Dow Jones Industrial Average jumped 410 points (+1.51%) to 27584, the S&P 500 rose 53 points (+1.61%) to 3351, and the Nasdaq 100 was up 213 points (+1.91%) to 11364.

Investors shopped for bargain stocks after the Dow and the S&P 500 fell for four weeks.

Banks (+2.73%), Automobiles & Components (+2.68%) and Insurance (+2.42%) sectors gained the most. Devon Energy (DVN +10.54%), Boeing (BA +6.42%) and Cimarex Energy (XEC +5.93%) were top gainers. Big tech shares – Apple (AAPL +2.39%), Amazon.com (AMZN +2.55%) and Tesla (TSLA +3.40%) – advanced further.

Approximately 57% of stocks in the S&P 500 Index were trading above their 200-day moving average and 21% were trading above their 20-day moving average.

U.S. Treasury prices declined, as the benchmark 10-year Treasury yield edged higher to 0.661%.

Spot gold rebounded $19.00 to $1,881 an ounce.

U.S. WTI crude oil futures (November) settled 0.9% higher at $40.60 a barrel.

On the forex front, the U.S. dollar softened against other major currencies as the ICE Dollar Index slipped 0.33% to 94.26. According to data from the U.S. Commodity Futures Trading Commission, speculative bearish bets against the Dollar Index have reached the highest level since November 2017.

EUR/USD rebounded 0.29% to 1.1666.

The British pound was boosted by optimism about progress in the last leg of trade talks between the U.K. and the European Union. GBP/USD jumped to a high of 1.2930 before retreating to close at 1.2835, up 0.69% on day.

USD/JPY declined to 105.49 from 105.58 last Friday.

Commodity-linked currencies were broadly higher. AUD/USD rose 0.51% to 0.7071 halting a 6-session losing streak. USD/CAD edged down 0.13% to 1.3370.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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