NEW YORK, April 29 - U.S. stocks rose on Monday, with sharp gains for Tesla and Apple leading the way, as investors looked toward what the Federal Reserve would say about the interest rate outlook after its policy meeting this week.Tesla , opens new tab shares surged 15%, after the electric vehicle maker made progress in securing regulatory approval to launch its advanced driver-assistance program in China, its second-largest market after the U.S.
Nine out of 11 S&P 500 sectors , opens new tab were higher led by stocks in consumer discretionary, utilities, real estates, materials and industrials. At 2:48 p.m. the Dow Jones Industrial Average , opens new tab rose 113.70 points, or 0.30%, to 38,353.36, the S&P 500 , opens new tab gained 10.10 points, or 0.19%, to 5,109.84 and the Nasdaq Composite , opens new tab gained 39.69 points, or 0.25%, to 15,967.59.
"The overall momentum is still to the upside and it's an important week, with a ton of earnings, the Fed on Wednesday and nonfarm payrolls on Friday, and the path of least resistance is higher," said Bill Strazzullo, chief market strategist at Bell Curve Trading in Boston.