U.S. stocks closed modestly higher Monday after wavering in a narrow range, with the Dow Jones Industrial Average on a seven-session winning streak, as investors appeared to take a pause after last week's solid gains.
The Dow rose 47.37 points, or 0.28 percent, to 17,131.86. The S &P 500 added 2.57 points, or 0.13 percent, to 2,017.46. The Nasdaq Composite Index increased 8.17 points, or 0.17 percent, to 4,838. 64. Last week, the S&P 500 surged 3.3 percent, logging its best weekly increase for 2015. The Dow and the Nasdaq also witnessed big gains, advancing by 3.7 percent and 2.6 percent, respectively.
There were no major economic data due out Monday, as most banks, federal institutions and U.S. bond markets were closed for the Columbus Day holiday.
Over the weekend, Federal Reserve Vice Chairman Stanley Fischer said that the U.S. central bank is still likely to raise interest rates this year but that is "an expectation, not a commitment," and could change if the global economy pushes the U.S. economy further off course.
Investors also keep a close eye on the third-quarter earnings season, which will get into full swing as a batch of financial companies report quarterly results later this week.
In corporate news, Shares of EMC Corp. rose 1.76 percent to 28. 35 U.S. dollars apiece after the data-storage company agreed to be acquired by Michael Dell and partners in a cash-and-stock deal valued at 67 billion dollars.
Overseas, Chinese shares surged Monday, with the benchmark Shanghai Composite Index spiking 3.28 percent, as investors gained confidence from the central bank's latest move to expand a pilot program to ease monetary flows by cutting loan costs.
European equities ended mixed Monday as oil prices tumbled. Germany's benchmark DAX index at Frankfurt Stock Exchange rose 0. 23 percent, while British benchmark FTSE 100 Index fell 0.70 percent.
On Friday, U.S. stocks ticked up as investors continued to digest minutes from the U.S. Federal Reserve's September meeting.
The CBOE Volatility Index, often referred to as Wall Street's fear gauge, fell 5.33 percent to end at 16.17 Monday.
In other markets, oil prices dived Monday as data showed the output from the Organization of the Petroleum Exporting Countries (OPEC) added in September. The West Texas Intermediate for November delivery moved down 2. 53 dollars to settle at 47.1 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery decreased 2.79 dollars to close at 49.86 dollars a barrel on the London ICE Futures Exchange.
The U.S. dollar traded mixed against other major currencies Monday as investors has lowered their expectation for an interest- rate hike by year-end. In late New York trading, the euro fell to 1.1361 dollars from 1.1363 dollars in the previous session, while the U.S. dollar bought 119.99 Japanese yen, lower than 120.28 yen of the previous session.
Gold futures on the COMEX division of the New York Mercantile Exchange rose Monday as traders were beginning to price in a potential delay in the U.S. central bank's rate hike. The most active gold contract for December delivery added 8.6 dollars, or 0.74 percent, to settle at 1,164.50 dollars per ounce.
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