The S&P 500 jumped almost 26 points, or 1.2%, to 2,103.
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Energy stocks rallied higher, with Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) each gaining more than 2 percent, as oil prices snapped a three-day losing streak. The tech-laden Nasdaq Composite Index was up 60 points, or 1.2%, at 5,104.
Atlanta Fed President Dennis Lockhart said economic conditions have largely returned to normal and a decision to raise interest rates should come soon. Imports in China have fallen for nine straight months.
On Friday, the main indexes closed lower after the jobs report matched economists estimates, giving investors little reason to believe that a rate hike would be derailed.
Before detailing the U.S. markets’ wider view, the S&P 500’s hourly chart highlights the past two weeks. Fischer said that while full employment is almost within reach, low inflation means it’s not quite time for the Fed to hike rates.
European markets were mixed, as resource firms fell after a round of downbeat data from China (http://www.marketwatch.com/story/chinas-economy-enters-second-half-of-2015-on-weak-note-2015-08-09) – a major user of raw materials.
Oil prices fell for the 6th day out of the last seven. Adding to the conflict for exports is the strong Chinese currency, which has been remaining steady against the U.S. dollar.
Companies scheduled to report results today include Hertz Global Holdings (HTZ.N), Rackspace Hosting (RAX.N), Shake Shack (SHAK.N) and Dean Foods (DF.N). The milk processor unexpectedly said late Friday that Chairman Tom C. Davis has resigned. Up to the end of July, cross-border M&A activity totaled US$913.5 billion, up 23 percent from a year ago, according to Thomson Reuters data.
Deal news also helped to underpin the tone on Monday, with shares in Precision Castparts, which makes industrial components, up a whopping 20% after Warren Buffett’s Berkshire Hathaway said it would buy the company in a deal worth $37.2bn. Precision Castparts shares were up almost 30% in premarket trade Monday. (NYSE:CAT) and Apple Inc.
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Alibaba was on the front foot after the e-commerce company announced that it would invest more than 28 billion yuan in a near-20% stake in Suning Commerce Group.
