U.S. stocks advanced on Monday led by solid gains in the technology and consumer sectors, as traders appeared to shrug off global trade tensions and focus on favorable economic environment instead.
What are markets doing?
The Nasdaq Composite COMP, +0.69% was on track for a record close as it traded above its previous all-time finish, rising 49 points, or 0.7%, to 7,603. It remained shy of its all-time intraday high of 7,637.27 hit on March 13.
The S&P 500 SPX, +0.45% was up 13 points, or 0.5%, to 2,748, with seven of its 11 sectors trading higher. Technology, consumer discretionary and consumer staples sectors led the gains, up nearly 1%.
The Dow Jones Industrial Average DJIA, +0.72% advanced 181 points, or 0.7%, to 24,816.
The Russell 2000 RUT, +0.18% hit an intraday high, and was last up trading 2 points, or 0.1%, higher at 1,650.
The gains come on the heels of a strong session on Friday when the Dow finished 0.9% higher, the Nasdaq Composite Index rose 1.5% and the S&P 500 booked a 1.1% gain.
What is driving the market?
Investors continued to cheer a round of solid U.S. jobs data out on Friday, which showed the world’s largest economy in better economic health than expected. That helped spur a move back into riskier assets such as stocks, after political upheaval in Italy earlier last week sparked a flight into havens such as bonds.
The optimism over the U.S. data also helped overshadow lingering concerns over global trade on Monday. A round of trade talks between the U.S. and China broke down over the weekend with no agreement, indicating a full-on trade war between the world’s two largest economies could be imminent.
Meanwhile, finance ministers from Canada, France,