NEW YORK, New York - U.S. stocks shot higher on Monday following President Biden's shock decision on Sunday to suspend his bid for a second term, and to endorse Vice President Kamala Harris.
"Trump still has the lead, but everybody is also waiting to see who Harris will select for her running mate, which adds uncertainty, but also a little bit of excitement to the campaign," Sam Stovall, chief investment strategist, CFRA Research told Reuters Monday.
"There is an awful lot of underperformance in the small-cap stocks that investors can take advantage of. ... they are very inexpensive by historic measures," Stovall added.
Shares in Trump Media dipped 0.83 cents to $34.70, a loss of 0.83 percent. Capitalization of the company however remained above $6.5 billion.
Here are the closing quotes for the major U.S. indices on Monday:
S&P 500 (^GSPC): The S&P 500 index closed at 5,564.41, marking an increase of 59.41 points or 1.08 percent. Trading volume was robust at 2.437 billion shares.
Dow Jones Industrial Average (^DJI): The Dow Jones Industrial Average ended the session at 40,415.44, up 127.91 points or 0.32 percent. The trading volume for the Dow was 343.346 million shares.
NASDAQ Composite (^IXIC): The NASDAQ Composite showed strong performance, closing at 18,007.57 Monday with a significant gain of 280.63 points or 1.58 percent. Trading volume was high, reaching 4.456 billion shares.
On Monday, the foreign exchange market experienced mixed results across various major currency pairs with the U.S. dollar gaining some ground from the change of Democratic presidential nominee on the weekend. "Any slight dollar gain is due to a small amount of haven bid after the big political news yesterday ... markets are largely shrugging it off, but it's still a risk event that markets are trying to protect against," Helen Given, FX trader at Monex USA in Washington told CNBC Monday.
Here are the latest quotes from across the globe for Monday:
EUR/USD (Euro/US Dollar): The euro saw a slight increase against the dollar, with the exchange rate edging up to 1.0885, representing a gain of 0.04 percent.
USD/JPY (US Dollar/Japanese Yen): The Japanese yen strengthened, with the exchange rate rising to 157.11, an increase of 0.17 percent.
USD/CAD (US Dollar/Canadian Dollar): The Canadian dollar fell Monday to 1.3753, down by 0.19 percent.
GBP/USD (British Pound/US Dollar): The British pound, going against the trend, experienced a modest increase against the U.S. dollar, with the exchange rate advancing to 1.2925, up 0.12 percent.
USD/CHF (US Dollar/Swiss Franc): The Swiss franc eased to 0.8895, down by 0.10 percent.
AUD/USD (Australian Dollar/US Dollar): The Australian dollar fell significantly against the greenback, with the exchange rate diving to 0.6640, down 0.65 percent.
NZD/USD (New Zealand Dollar/US Dollar): The New Zealand dollar also declined, slipping to 0.5977, a decrease of 0.49 percent.
On Monday global stock markets experienced mixed results, with significant gains in some regions and notable losses in others. Overall, European bourses showed strong performance, while Asian markets experienced mixed outcomes with several indices declining. One of the biggest losers on the day was Irish carrier Ryanair which plummeted 17.15 percent after reporting net quarterly profit after tax for the June quarter was down 46 percent. Mideastern and African markets exhibited positive momentum.
Here are the closing quotes for Monday for the major indices around the world:
CANADA
S&P/TSX Composite Index (^GSPTSE): The S&P/TSX Composite Index in Toronto closed at 22,872.65, rising by 182.26 points or 0.80 percent. The trading volume was 208.681 million shares.
UNITED KINGDOM
EUROPE
ASIA
OCEANIA
MIDDLE EAST
AFRICA
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