NEW YORK (AP) – Wall Street is starting August with more gains, and U.S. stocks are climbing in early Monday trading following encouraging reports from around the world on the economy.
The S&P 500 was 0.7% higher, tacking more gains onto its four-month winning streak, with Big Tech once again leading the way. Treasury yields also ticked higher in a sign of lessened pessimism.
The Dow Jones Industrial Average was up 215 points, or 0.8%, at 26,643, as of 10:05 a.m. Eastern time, and the gains for tech stocks helped the Nasdaq composite jump 1.3%.
Many competing currents are pushing the market in different directions, but the coronavirus pandemic and its impact on the economy remain the most forceful.
Reports showed that European manufacturing strengthened more in July than economists expected, which helped to lift markets globally. The gains built after a follow-up report showed U.S. manufacturing growth accelerated last month at a faster pace than economists expected. The reports added to evidence that the global economy at least temporarily halted its freefall from earlier this year.