Dow tops 26,000 as U.S., China data points to stabilizing global slowdown
U.S. stocks kicked off the week with strong gains on Monday after better-than-expected Chinese and U.S. economic data suggested the slowdown in the global manufacturing industry may be easing. The S&P 500 climbed 1.2% to end near 2,867. The Dow Jones Industrial Average picked up 329 points, or 1.3%, to end around 26,258, based on preliminary numbers. The Nasdaq Composite climbed 1.3% to end around 7,829. Monday marks the best percentage gain for the blue-chip Dow since Feb. 15, and the best daily gain for the broad-based S&P since March 11. In the bond market, the 10-year Treasury note yield climbed 8 basis points to 2.496%, as the strong appetite for risk came at the expense of U.S. government paper. Yields rise as bond prices fall. The Institute for Supply Management's manufacturing index came in at a stronger-than-expected 55.3% in March, from 54.2% in the previous month. Meanwhile, the Caixin China manufacturing purchasing managers index rose to 50.8 in March from 49.9 in February. A reading above 50 indicates growth in economic activity. Investors were also hopeful for a resolution to the U.S.-China trade conflict, with a Chinese delegation led by Vice Premier Liu He set to visit Washington later this week. In company news, shares of Roku Inc. climbed 7% Monday, after a KeyBank Capital Markets analyst raised his target price for the stock.