US markets ended higher on Monday with the S&P 500 closing at the highest level

The US markets ended higher on Monday with the S&P 500 closing at the highest level in almost a year. Gains in industrial and financial shares helped the market overcome an early slump.

Stocks had started the day lower as a trade dispute between the US and China rattled the market. General Electric was the biggest gainer on the Dow, followed by JP Morgan.

Barack Obama, US President said that, “8 months later, the work of recovery continues. And though, I will never be satisfied by people are out of work and our financial system is weakened, we can be confident that the storms of the past 2 years are beginning to break. In fact, while there continues to be a need for government involvement to stabilise the financial system, that necessity is waning.”

“Banks have repaid more than $ 70 billion. And in those cases where the government’s stakes have been sold completely, taxpayers have actually earned a 17% return on their investment.”

At closing bell, the Dow Jones added 21.39 points, or 0.2%, to 9,626.80. The S&P 500 index rose 6.61 points, or 0.6%, to 1,049.34. The Nasdaq Composite Index rose 10.88 points, or 0.5%, to 2,091.78.

Oil fell for a second day as refineries idle units for maintenance and on speculation that US fuel stockpiles will climb as consumption declines.

In the metals space, copper fell for a fourth day as swelling inventories stoked concern that demand might weaken.

Gold fell from an 18-month high on speculation that investors may begin selling out of long positions, which climbed to a record last week.

The dollar fell to its lowest level this year against the euro as a rebound in US stocks revived risk appetite.

No related posts.