US stocks were higher on Monday but a cautious mood prevailed as investors considered the impact of the record US stimulus package signed into law last week and a fall in oil prices to their lowest point in 18 years.
The S&P 500 was up over 2 per cent by early afternoon in New York, while the Dow Jones Industrial Average gained roughly the same. The dollar rose nearly 1 per cent against a basket of other currencies, solidifying a rebound after its worst week in more than a decade.
US government bonds also rallied, though, with the yield on the benchmark 10-year Treasury note falling 0.05 percentage points to 0.62 per cent.
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