US stocks rise again, Dow +1.5pc

NEW YORK: Wall Street stocks enjoyed a winning session Monday, extending Friday's positive trend ahead of major economic releases and the first presidential debate.

The Dow Jones Industrial Average finished at 27,584.06, up 410 points or 1.5 percent.

The broad-based S&P 500 gained 1.6 percent to 3,351.60, while the tech-rich Nasdaq Composite Index advanced 1.9 percent to 11,117.53.

Banks and energy companies were among the leaders, along with industrial companies such as Boeing and Honeywell International.

Analysts cited recent statements from Treasury Secretary Steven Mnuchin indicating that talks were resuming on a stimulus package as inspiring hope among traders.

While those reports seem "to be cheering investors, it's tough to say for sure that a deal will get done, especially a Supreme Court justice nomination also in the cards," said TD Ameritrade's JJ Kinahan in a note.

The S&P 500 has fallen over the last four weeks as the market has grappled with the lack of progress on a US stimulus package while states and cities around the country continue to confront the coronavirus.

But stocks gained Friday and again Monday.

This week's economic calendar includes reports on US manufacturing and consumer confidence and culminates with the September employment report.

The first debate between President Donald Trump and Democratic challenger Joe Biden takes place Tuesday night.

Trump's campaign was on the defensive following a lengthy investigative report in The New York Times that Trump paid only $750 in federal income tax in 2016 and 2017, and none at all for 10 of the previous 15 years.