Positive sentiment was also generated in reaction to a survey from the New York Federal Reserve showing consumers had grown more optimistic about inflation in November. The New York Fed's Survey of Consumer Expectations showed median one, three, and five-year ahead inflation expectations decreased to 5.2%, 3%, and 2.3%, respectively.
Market participants were awaiting for the Federal Reserve's highly anticipated monetary policy decision due on Wednesday. The U.S. central bank is widely expected to raise interest rates by 50 basis points, though focus would be on the bank's updated economic projections and Fed Chair Jerome Powell's press conference.
At the close of trade, the Dow Jones Industrial Average index surged 528.58 points, or 1.58%, to 34,005.04. The S&P500 index increased by 56.18 points, or 1.43%, to 3,990.56. The tech-heavy Nasdaq Composite Index spurted 139.12 points, or 1.26%, to 11,143.74.
All 11 sectors of the S&P500 index close higher, with energy sector outperformed, gaining 2.5%, followed by utilities (up 2.27%), information technology (up 2.17%), and industrials (up 1.7%) sectors.
Coupa Software and Horizon Therapeutics were among biggest movers on Monday after the companies announced they've agreed to be bought. Shares of Coupa gained 26%, while Horizon added 15%.
Among Indian ADR, Tata Motors added 0.04% to $24.73, WNS Holdings inclined 0.27% to $81.74, HDFC Bank added 0.9% to $69.31, Wipro was up 1.9% to $4.80, Dr Reddy's Labs added 0.85% to $54.31, and ICICI Bank added 0.4% to $22.81. INFOSYS was down 0.43% at $18.41 and Azure Power Global fell 6.3% to $4.62.
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