- U.S. stocks rallied on Monday, starting off the new quarter on a strong note, after upbeat manufacturing numbers from the United States and China eased worries about slowing global growth.
The benchmark index, which is trading 2.5 percent away from its record closing high hit in September, triggered a “golden cross” pattern, in which the 50-day moving average crosses above the 200-day moving average.Spurring gains in global equities, China’s manufacturing sector unexpectedly returned to growth for the first time in four months in March.
Financial shares provided the biggest boost to the S&P 500, with bank stocks adding more than 2 percent as the benchmark 10-year Treasury yield hit a one-week high. At 11:21 a.m. ET the Dow Jones Industrial Average was up 252.60 points, or 0.97 percent, at 26,181.28. The S&P 500 was up 24.43 points, or 0.86 percent, at 2,858.83 and the Nasdaq Composite was up 77.36 points, or 1.00 percent, at 7,806.68.
Wynn Resorts Ltd jumped 6.51 percent, the most among S&P companies, as March gambling revenue from the Chinese territory of Macau was higher than the previous month.
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