US stocks edge higher on supportive economic cues, DOW spikes 1.1%

The US stocks gained on Monday. The major averages all moved to the upside on the day following mixed outing in last week as supportive economic cues boosted sentiments. The Dow soared 515.19 points or 1.1 percent to 49,407.66, the Nasdaq climbed 130.29 points or 0.6 percent to 23,592.11 and the S&P 500 added 37.41 points or 0.5 percent to 6,976.44. Markets edged up as a report from the Institute for Supply Management showed that manufacturing activity in the US expanded for the first time in 12 months in January. The ISM said its manufacturing PMI jumped to 52.6 in January from 47.9 in December, with a reading above 50 indicating growth. Sentiments were also supported on reports Iran is prepared to negotiate with the US over its nuclear program. President Donald Trump announced in a post on Truth Social that he has reached a trade deal with India. Overall focus is now shifting to key inflation data and central bank communications later in the week for further direction. Global stock markets were mixed yesterday with UK and European indices recording sharp gains while major Asian indices saw hefty losses.

Powered by Capital Market - Live News