Wall Street’s main bourses turned higher on Monday as investors bought industrial and other cyclical stocks, on the hope that rising US coronavirus cases will be contained and the economy quickly rebound.
The S&P 500 rose 1.2 per cent in morning trade, led by aircraft manufacturer Boeing, Southwest Airlines and cosmetics maker Coty. The Nasdaq Composite rose 0.9 per cent.
The gains powered late rises on European equities markets. The benchmark Stoxx Europe 600 index rose 0.6 per cent. Benchmark indices in London, Paris and Frankfurt all turned decisively higher in the last two hours. The Dax 30 index was the best performer, rising 1.2 per cent.
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