US stocks rally following solid weekly gains

US stocks ended higher, building on prior week’s solid gains.

On Monday, the Dow Jones Industrial Average jumped 461.46 points, or 1.70 per cent, to 27,572.44. The S&P 500 increased 38.46 points, or 1.20 per cent, to 3,232.39. The Nasdaq Composite Index was up 110.66 points, or 1.13 per cent, to 9,924.74, Xinhua news agency reported.

Boeing shares soared 12.2 per cent, leading the advancers in the Dow.

All the 11 primary S&P 500 sectors traded on an upbeat note, with energy closing up 4.32 per cent, outpacing the rest.

Shares of airlines, retailers and cruise lines rose broadly as investors were hopeful about normalizing economic activities amid COVID-19 lockdown easing.

This week features a key meeting from the Federal Reserve. Wall Street will concentrate on the US central bank’s statement on interest rates Wednesday and a press conference from Chairman Jerome Powell.

For the week ending Friday, the Dow advanced 6.8 per cent, the S&P 500 gained 4.9 per cent and the Nasdaq climbed 3.4 per cent.