Technology stocks were bouncing back from a rough week, with Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all up about 1 percent in early trading.
The Dow Jones Industrial Average .DJI rose 144.71 points, or 0.68 percent, to end at 21,528.99, the S&P 500 .SPX gained 20.31 points, or 0.83 percent, to 2,453.46 and the Nasdaq Composite .IXIC rose 87.26 points, or 1.42 percent, to 6,239.01. The Nasdaq Composite (COMP - 6,239.01) bounced back a whopping 87.3 points, or 1.4%, to mark its best percentage gain since November 7, 2016.
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New YorkFed President William Dudley said Monday that the central bank inflation should pick up as wages rise along with continuing improvement in the labor market.
The consumer staples sector got a pasting at the tail-end of last week, dominated as it is by food retailers, after the internet titamn Amazon.com Inc (NASDAQ:AMZN) surprised the world by launching a US$13.7bn takeover of Whole Foods Market Inc (NASDAQ:WFM).
On the currency front, the USA dollar is trading at 111.32 yen compared to the 110.88 yen it fetched at the close of NY trading on Friday. Biogen climbed 3.5 percent and Morgan Stanley rose 2.8 percent.
The Fed commentary last week had surprised investors who expected more caution after some weak USA economic data. Tech stocks have led the S&P 500's rally this year.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.19 percent.
Advancing issues outnumbered declining ones on the NYSE by a 1.76-to-1 ratio; on Nasdaq, a 2.01-to-1 ratio favored advancers.
The S&P 500 and the Dow Jones industrials both closed at all-time highs.
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With a $13.4 billion purchase, Amazon is stepping up its game and hoping to get an even stronger foothold in the retail market. He said he expects the marketing to begin shortly after the combined company closes the deal in the second half of the year.
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