Apple Inc jumped 6.4 per cent, adding US$128 billion to its stock market value, ahead of an event today, when it is expected to unveil its newest iPhones. — Reuters pic
Amazon rallied 4.8 per cent ahead of its annual Prime Day shopping event on October 13 and 14. Microsoft jumped 2.6 per cent, helping lift the S&P 500 information technology index 2.7 per cent. Optimistic sentiment dominated after the Trump administration on Sunday called on Congress to pass a stripped-down coronavirus relief bill as negotiations on a broader package ran into resistance.
However, with growing expectations of a Democratic win in next month's presidential election, investors are increasingly pointing to potential benefits of a Biden presidency, such as greater infrastructure spending and less global trade uncertainty. Results from big US banks will be in focus this week, with JPMorgan & Co and Citigroup set to report today.
The Dow Jones Industrial Average rose 0.88 per cent to end at 28,837.52 points, while the S&P 500 gained 1.64 per cent to 3,534.22.The S&P 500 energy index fell 0.15 per cent as oil prices dropped on easing supply worries.