NEW YORK: US stocks rose for the third straight session Monday as investors again focused on signs of strengthening economic growth and pushed away worries about President Donald Trump's agenda.
Economic optimism was reflected in a new survey showing executives in the manufacturing and services sector expect to see increased revenue, hiring and capital spending in 2017, according to the Institute for Supply Management.
Analysts also cited the just-completed strong corporate earnings season and solid economic data as factors that have permitted the market to look past any worries about Trump's agenda after a series of stumbles and scandals. And with Trump's out of the country on his first foreign, there has been little to worry investors.
"We rallied into Friday and it feels as if we've got momentum carrying us forward with the understanding that things are perhaps not as terrible as they looked on Wednesday and fundamentals are still intact," said Art Hogan, chief market strategist at Wunderlich Securities.
The Dow Jones Industrial Average rose 0.4 percent to close the day at 20,894.90.
The broad-based S&P 500 gained 0.5 percent to end at 2,394.03, while the tech-rich Nasdaq Composite Index jumped 0.8 percent to 6,133.62.
Tech shares were generally strong, with Google parent Alphabet winning 1.0 percent, Cisco Systems 1.2 percent and Priceline 1.1 percent. Apple gained 0.6 percent.
Defense shares rallied after Trump announced a $110 billion arms deal sale to Saudi Arabia during his visit to the country over the weekend. Dow member Boeing rose 1.6 percent, Lockheed Martin 1.5 percent and Raytheon 0.6 percent.
Ford advanced 2.1 percent after the company announced a management shakeup, naming Jim Hackett to replace Mark Fields as president and CEO amid declining sales in the US and Chinese markets. The move comes as Ford faced pressure from investors over its weak share price.
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