NEW YORK — U.S. stock indexes closed higher on Wall Street, adding to their all-time highs. The S&P 500 rose 0.8% Monday to build on its record set Friday. The Dow Jones Industrial Average came back from an early loss to add 0.5% to its own record. The Nasdaq composite climbed 0.9%. The gains followed relatively quiet trading in Europe, while the U.S. bond market remained closed for the day because of a holiday.
The strongest action in global markets came from China, where the finance minister gave a highly anticipated update on Saturday about plans for the world’s second-largest economy. Lan Fo’an said the government is looking at additional ways to boost the economy, but he stopped short of unveiling a major new stimulus plan that investors were hoping for.
“While clearly welcome, the efforts may be insufficient to spur a new reflationary cycle,” according to Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management. On the winning side of Wall Street was SoFi Technologies. It rose 10.3% after announcing a $2 billion loan platform agreement with investment firm Fortress Investment Group, where SoFi will refer pre-qualified borrowers.
Bank of America, Johnson and Johnson and UnitedHealth Group will all report their latest results on Tuesday. Later in the week will come United Airlines, Netflix, American Express and Procter & Gamble.
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