Publications
Partners
New York - US stocks rose sharply on Monday on the latest Chinese stimulus measures and some prominent earnings that bested forecasts.
The Dow Jones Industrial Average gained 208.63 points at 18 034.93.
The broad-based S&P 500 rose 19.22 points to 2 100.40, while the tech-rich Nasdaq Composite Index surged 62.79 points to 4 994.60.
China's central bank announced on Sunday it would cut the level of funds that commercial banks must hold in reserve in the world's second-largest economy by one percentage point, the second such move this year to boost lending.
Investment bank Morgan Stanley gained 0.6% and toymaker Hasbro climbed 12.6% after both companies reported better-than-expected first-quarter earnings.
"There's been a positive tone to earnings so far," said Dan Greenhaus, chief global strategist at BTIG. "So far they're coming in a touch better than expected."
The gains almost reversed sharp losses on Friday when fears about a Greek debt default sent global equities tumbling.
Several prominent tech companies bolted higher, including Apple (+2.3%), Facebook (+2.9%) and Amazon (+3.8%).
Industrial real-estate company Prologis added 0.4% on news it will acquire KTR Capital Partners for $5.9bn.
Prologis holds 54% of the venture that is buying KTR, with Norges Bank Investment Management, manager of the Norwegian government pension fund, holding 45%. The transaction adds KTR properties in leading US markets, including Chicago and Seattle.
Royal Caribbean Cruises sank 8.0% after slashing its full-year forecast on the strong dollar and higher fuel prices.
Big-box retailer Costco Wholesale rose 1.2% on news it will lift its quarterly dividend from 35.5 cents per share to 40c and reauthorise its stock repurchase programme.
Online coupon company Groupon rose 0.7% after announcing plans to sell a 46% stake in its Ticket Monster business in South Korea to a partnership that includes KKR for $360m. The company also announced a new $300m share repurchase programme.
Bond prices fell. The yield on the 10-year US Treasury rose to 1.88% from 1.86% on Friday, while the 30-year advanced to 2.55% from 2.52%. Bond prices and yields move inversely.
