Investing.com - U.S. stocks soared to the highest level since 2007 Monday, as stronger than forecast manufacturing growth spurred the risk on rally.
Near the close of U.S. trade, the Dow Jones Industrial Average gained 0.40%, the S&P 500 added 0.75%, while the Nasdaq Composite soared 0.91%.
Sparking the equity rally, manufacturing in the U.S. expanded more than forecast in March. The ISM factory index advanced from 52.4 in February to 53.4 in March.
Economists had forecasted an increase to 53 resulting in the enthusiastic buying as the number was beat.
Adding to the bullish sentiment, China’s Purchasing Manager’s Index climbed to 53.1 in March from 51 in February.
However, in bearish news, A PMI from HSBC and Markit Economics dropped to a four month low of 48.3 indicating contracting manufacturing and exports.
In addition, Germany’s central bank stated last week that it will not accept bank bonds guaranteed by Greece and Portugal increasing concerns of continued trouble despite progress.
Teen clothing maker, Abercrombie&Fitch added 4.7% after being upgraded at Brean Murray Carret & Co.
Amazon gave back 2% upon being slashed to neutral at Bank of America.
Avon Products soared 17% after receiving a buy out offer from Coty for USD10 billion despite an internal bribery probe.
At the close European trade, the EURO STOXX 50 gained 0.96%, France's CAC 40 added 1.14%, while Germany’s DAX traded higher by 1.58%. Meanwhile, in the U.K. the FTSE 100 surged 1.85%.
Traders are awaiting the Australian interest rate decision, U.K. construction numbers, U.S. factory orders, as well as the minutes from the Federal Reserve’s policy meeting.
Near the close of U.S. trade, the Dow Jones Industrial Average gained 0.40%, the S&P 500 added 0.75%, while the Nasdaq Composite soared 0.91%.
Sparking the equity rally, manufacturing in the U.S. expanded more than forecast in March. The ISM factory index advanced from 52.4 in February to 53.4 in March.
Economists had forecasted an increase to 53 resulting in the enthusiastic buying as the number was beat.
Adding to the bullish sentiment, China’s Purchasing Manager’s Index climbed to 53.1 in March from 51 in February.
However, in bearish news, A PMI from HSBC and Markit Economics dropped to a four month low of 48.3 indicating contracting manufacturing and exports.
In addition, Germany’s central bank stated last week that it will not accept bank bonds guaranteed by Greece and Portugal increasing concerns of continued trouble despite progress.
Teen clothing maker, Abercrombie&Fitch added 4.7% after being upgraded at Brean Murray Carret & Co.
Amazon gave back 2% upon being slashed to neutral at Bank of America.
Avon Products soared 17% after receiving a buy out offer from Coty for USD10 billion despite an internal bribery probe.
At the close European trade, the EURO STOXX 50 gained 0.96%, France's CAC 40 added 1.14%, while Germany’s DAX traded higher by 1.58%. Meanwhile, in the U.K. the FTSE 100 surged 1.85%.
Traders are awaiting the Australian interest rate decision, U.K. construction numbers, U.S. factory orders, as well as the minutes from the Federal Reserve’s policy meeting.