NEW YORK, New York - U.S. stocks hit the road running on Monday starting the week off with appreciable gains across the board, extending rallies which began earlier in Asia and Europe.
Despite the doom and gloom over the spreading of Covid-19, with record daily cases being reported across sixteen states, there was welcome news on the economic front.
The Institute for Supply Management's (ISM) non-manufacturing activity index for June rose to 57.1, the highest level since February. The figure was up from 45.4 in May.
"These numbers are important, and it helps to explain the increase in consumer confidence," Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey told Reuters Thoimson Monday.
At the close of trading Monday, the Dow Jones Industrial Average was ahead 459.67 points, or 1.78%, at 26,287.03.
The U.S. dollar weakened across the board. The euro rose to 1.1308. The British pound was just off its Asian high at 1.2492. The Japanese yen gained to 107.35. The Swiss franc was slightly stronger at 0.9420.
The Canadian dollar edged up to 1.3540. The Australian dollar continued higher to 0.6974, while the New Zealand dollar firmed to 0.6555.
The Standard and Poor's 500 rose 49.71 points, or 1.59%, to 3,179.72.
The tech-laden Nasdaq Composite did best, gaining 226.02 points, or 2.21%, to 10,433.65.
In London, the FTSE 100 advanced 2.09%. Germany's Dax rose 1.64%, while in Paris, France,. the CAC 40 climbed 1.49%.
On Asian markets, the big moves were in China. Tokyo's Nikkei 225 also tacked on to the buying spree, sending the key index up 407.96 points or 1.83% to 22,714.44.
The Australian All Ordinaries however skipped the party, with the key index losing 37.80 points or 0.61% to 6,125.90.
The closing numbers in China for the Shanghai Composite saw a 180.07 points or 5.71% gain to 3,332.88.
The Hang Seng closed 966.04 points or 3.81% higher at 26,339.16.