U.S. stocks close higher on upbeat sentiment

NEW YORK, Nov. 11 (Xinhua) — U.S. stocks ended higher on Monday, as the S&P 500 closed above 6,000 for the first time and bitcoin surged past 88,000 U.S. dollars.
The Dow Jones Industrial Average rose 304.14 points, or 0.69 percent, to 44,293.13. The S&P 500 added 5.81 points, or 0.10 percent, to 6,001.35. The Nasdaq Composite Index increased 11.99 points, or 0.06 percent, to 19,298.76.
Six of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and financials leading the gainers by adding 1.75 percent and 1.41 percent, respectively. Meanwhile, technology and real estate led the laggards by losing 0.89 percent and 0.80 percent, respectively.
With the bond market closed for Veterans Day, investors turned their attention to the upcoming release of October’s consumer price index (CPI) from the Bureau of Labor Statistics, scheduled for Wednesday. This week’s earnings calendar is highlighted by Home Depot reporting before Tuesday’s open, Cisco Systems after Wednesday’s close, and Walt Disney ahead of Thursday’s open.
In economic data, the Cleveland Federal Reserve’s latest Nowcast estimates annual headline CPI at 2.6 percent as of Nov. 8, up from 2.4 percent in September.
Driving the Dow higher, shares of Bank of America and Citigroup each gained roughly 2 percent and 1.7 percent on Monday. The banking sector has rallied sharply since Donald Trump’s presidential election win last week, as investors anticipate that his return could result in more relaxed regulations for the industry.
Meanwhile, pharmaceutical company Bristol Myers Squibb surged 10.49 percent on Monday, its biggest single-day rise since March 2020. This increase followed news that AbbVie’s top schizophrenia drug candidate missed its primary targets in a study, boosting optimism around Bristol’s own treatment for the condition. ■