US stocks strode higher on Monday, lifted by Hillary Clinton’s widening lead in the US presidential campaign and by a surge in oil prices, while sterling was under pressure on concerns Britain will make a hard exit from the European Union. Brent crude prices rose to their highest in a year after Russia said it was ready to join a proposed deal to cap oil production in the hope of stemming a two-year price slide, Russian President Vladimir Putin said in Istanbul.
The Dow Jones industrial average closed up 88.55 points, or 0.49 percent, to 18,329.04. The S&P 500 rose 9.92 points, or 0.46 percent, to 2,163.66 and the Nasdaq Composite added 36.27 points, or 0.69 percent, to 5,328.67.
The dollar firmed across the board as it continued to benefit from expectations the Federal Reserve would likely raise interest rates in December. Traders expect a 70.2 percent chance that the Fed will hike at a Dec. 13-14 policymakers’ meeting, up from 66 percent early Friday, according to CME Group’s FedWatch tool.
Investors are looking to Wednesday’s release of minutes of the latest Federal Reserve Open Market Committee meeting to see how close the US central bank was to hiking rates last month.
The dollar rose 0.69 percent against the yen to 103.61 yen and climbed against the euro, which fell 0.56 percent to USD 1.1136. These gains pushed the dollar index up 0.30 percent at 96.921 .
Global benchmark Brent crude futures reached the highest level since Oct. 9, 2015 at USD 53.73, before paring some gains to settled USD 1.21 higher at USD 53.14.
US futures also gained, touching four-month highs, rising USD 1.54 to settle at USD 51.35 a barrel.
The US bond market was closed for the Columbus Day holiday.
The US bond market was closed for the Columbus Day holiday.
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