Stocks closed solidly higher on Wall Street Monday after a batch of encouraging global economic data kept investors in a buying mood.
Financial and technology companies powered much of the rally, which extended the market’s gains from last week, when the benchmark S&P 500 closed out its best quarter in nearly a decade.
In another hopeful sign, long-term bond yields rose above their recent lows, following a sharp drop last month that flashed a possible recession warning, rattling Wall Street.
Those concerns were allayed Monday as new economic data suggested a brighter outlook for the U.S. economy. A gauge of U.S. manufacturing notched a big gain in March, while a separate report showed construction spending climbed in February. Meanwhile, an economic report out of China showed growth in exports, employment and orders.
While the more encouraging data gave stocks a boost, the market could face some bumps ahead, said Liz Ann Sonders, chief investment strategist at Charles Schwab.