Mon, 16 Sep 2019

Solid start to week on U.S., global markets

Lola Evans
20 Aug 2019, 08:41 GMT+10

NEW YORK, New York - U.S. stocks advanced on Monday in a positive start to the week.

Globally, stocks trended higher after Germany proposed infrastructure spending on Sunday, and a day earlier the Bank of China announced it was adjusting borrowing costs for businesses and companies.

"Those are positive stories, and it's fostered a risk-on environment that has persisted throughout the day," Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut told the Reuters Thomson news agency. "Investors are glad to see that countries are recognizing the risks out there."

The Dow Jones Industrial Average was ahead 249.78 points, or 0.96%, at 26,135.79 at the close on Monday.

The Standard and Poor's 500 added 34.97 points, or 1.21%, to 2,923.65.

The Nasdaq Composite climbed 106.82 points, or 1.35%, to 8,002.81.

The U.S. dollar enjoyed a clean sweep on Monday, making gains against all the major currencies.

The euro was struggling around 1.1084 at the New York close on Monday. The British pound fell to 1.2126.

The Japanese yen eased to 106.57, while the Swiss franc retreated to 0.9815.

The Canadian dollar weakened to 1.3326. The Australian dollar fell to 0.6767, while across the Tasman the New Zealand dollar dwindled to 0.6412.

On European equity markets, the German Dax rose by 1.32%. In Paris, the CAC 40 jumped 1.34%, while in London, the FTSE 100 was up by 1.02%.

In Asia, shares on the benchmark Shanghai Composite gained 59.27 points or 2.10% to 59,272.10 by the close on Monday.

In Hong Kong, the Hang Seng closed 557.62 points or 2.17% higher at 26,291.84.

The positive sentiment in China spread to other bourses leading to regional gains.

In Japan, the Nikkei 225 closed 144.35 points or 0.71% higher at 20,563.16.

The Australian All Ordinaries rose 64.60 points or 1.00% to 6,550.50, by the close Monday.

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