The US benchmark S&P 500 stock index set record intra-day and closing highs on Monday as last week's strong monthly US jobs report worked its way into financial markets, and European shares rose as a single candidate emerged to succeed David Cameron as British prime minister.
The S&P also broke its record intraday high, hitting 2,143.16 points to overtake the previous high of 2,134.72 hit on May 20, 2015.
The Dow Jones industrial average .DJI rose 105.81 points, or 0.58 percent, to 18,252.55; the S&P 500 .SPX added 10.43 points, or 0.49 percent, to 2,140.33 and the Nasdaq Composite .IXIC gained 38.87 points, or 0.78 percent, to 4,995.63.
Investors appetite for equities has increased after strong economic data and low returns on government bonds, while easing political tensions in Britain and Japan have reduced some global uncertainties.
Craig Adeyanju enjoys to unearth awesome growth companies and educate investors about them. According to research firm S&P Global Market Intelligence, earnings per share for companies in the S&P 500 index have fallen for three quarters in a row, almost unheard of outside of a recession. Investors will watch for comments from company executives, especially those of big banks later this week, on the impact of Britain's vote to leave the European Union.
Wall Street kicked off the new week by building on a monster rally Friday when the better-than-expected June jobs report soothed concerns about a slowing USA economy and potential fallout from last month's surprise "Brexit" vote.
U.S.-listed shares of Shire PLC(SHPG) rose 5.1% ahead of the bell after US health regulators approved its dry-eye treatment (http://www.marketwatch.com/story/shires-dry-eye-treatment-wins-fda-approval-2016-07-11), a potential blockbuster drug that is expected to go on sale in the third quarter.
For the holiday-shortened week, the Nasdaq soared by 1.9 percent, while the S&P 500 and the Dow shot up by 1.3 percent and 1.1 percent, respectively.
Seven of the 10 major S&P indexes were higher, led by a 1.1 percent rise in energy as oil prices bounced from two-months lows. Nasdaq 100 e-minis NQc1 were up 21.5 points, or 0.48 percent, on volume of 25,212 contracts.
That's because two factors that contributed greatly to the earnings recession―plunging oil prices and a soaring US dollar―aren't weighing on profits anymore.
The Dow was up 114 points, or 0.6 percent, to 18,259.
The first of the positive economic news came on Friday, July 8 when the USA announced impressive employment data for June, to close the second quarter on a positive note, following a weak first quarter.
OVERSEAS: France's CAC 40 gained 1.8 percent, while Germany's DAX was up 2.1 percent.
US crude settled down 65 cents at $44.76 per barrel, while Brent crude settled 51 cents lower at $46.25 a barrel. On the Nasdaq, 1,887 issues rose and 536 fell. The euro slipped to $1.1047 from $1.1049.