Stocks notch second day of gains Monday, Dow closes more than 400 points higher; Europe markets close 1.4% higher as utilities lead gains
The three major indexes closed higher Monday as traders tried to add to sharp gains seen last week and weighed the latest moves in rates.
The Dow Jones Industrial Average added 417.06 points, or 1.3%, ending the day at 31,499.62. The S&P 500 gained about 1.2% and closed at 3,797.34. The Nasdaq Composite advanced nearly 0.9% to end at 10,952.61.
Shares of Chinese companies listed in the U.S. dropped after Beijing tightened President Xi Jinping’s grip on power, souring investor sentiment for non-state-driven companies. Alibaba lost 15%, while Pinduoduo plunged more than 26%.
The Stoxx 600 provisionally closed up 1.4%, with all sectors and major bourses in positive territory. Utilities, construction, retail and media stocks all added more than 2%. Shares of Dutch technology investor Prosus sunk 14% Monday, tracking Hong Kong and China-based tech giants grappling with economic slowdown fears in China.
Source: CNBC, Investing.com