Stocks rose on Monday, building on strong gains from the previous session, as traders raised expectations for a Federal Reserve rate cut.
The Dow Jones Industrial Average increased by 176.59 points, or 0.46%, to close at 38,852.27. The S&P 500 also saw a rise of 1.03% to finish at 5,180.74, while the Nasdaq Composite climbed 1.19% to reach 16,349.25.
Early afternoon trading saw stocks receiving a boost from an announcement by Hamas that it had accepted an Egyptian-Qatari cease-fire proposal to end the conflict with Israel.
Following the release of fresh nonfarm payrolls data on Friday, which showed fewer-than-expected jobs added in April and a rise in unemployment, Wall Street had a successful session. These numbers eased fears of an overheating economy.
Source (CNBC)
