Investing.com – U.S. stocks posted sharp gains after the open on Monday amid low volumes in the first trading session of 2011, as investors awaited the release of key data on U.S. manufacturing activity.
During early U.S. trade, the Dow Jones Industrial Average jumped 1.01%; the S&P 500 index added 1.06%, while the Nasdaq Composite index surged 1.66%.
In the financial sector, shares in Bank of America soared 4.65% after the lender said it settled outstanding mortgage repurchase claims with Fannie Mae and Freddie Mac for approximately USD2.8 billion.
Within the sector, shares in the second largest U.S. lender JP Morgan-Chase jumped 2.83%, rivals Citigroup saw shares rise 1.61%, while U.S. listed shares of Spain’s largest lender Banco Santander climbed 2.57% after China's Vice Premier Li Keqiang said that China would continue to take part in Spanish government debt auctions.
Meanwhile, shares in the commodity sector performed strongly as crude oil and metal prices advanced.
Shares in oil and gas giant Exxon Mobil gained 1.04%, metal producer Freeport McMoran Copper & Gold saw shares jump 1.15%, while shares in the largest U.S. aluminum producer Alcoa rallied 3.96% after Deutsche Bank recommended buying the stock.
Elsewhere, U.S. listed shares of German automaker Porsche soared 12.59% after a U.S. federal judge dismissed a USD2 billion lawsuit by ten hedge fund groups, accusing the German automaker of misleading short-sellers in its acquisition of Volkswagen shares in 2008.
Meanwhile, in broker news, shares in the world’s largest aerospace company Boeing surged 2.11% after the stock was upgraded by JP Morgan-Chase and Barclays Capital.
Shares in the world’s largest online retailer Amazon leaped 2.07% after Morgan Stanley said the company’s revenue may increase by 194% to USD100 billion by 2015.
Across the Atlantic, European stock markets posted sharp gains. The EURO STOXX 50 surged 1.19%, France’s CAC 40 jumped 1.02%, Germany's DAX climbed 0.81%, while Britain's FTSE 100 remained closed for the New Year’s holiday.
Later in the day, the U.S. was to publish industry data on manufacturing activity as well as a report on construction spending.
During early U.S. trade, the Dow Jones Industrial Average jumped 1.01%; the S&P 500 index added 1.06%, while the Nasdaq Composite index surged 1.66%.
In the financial sector, shares in Bank of America soared 4.65% after the lender said it settled outstanding mortgage repurchase claims with Fannie Mae and Freddie Mac for approximately USD2.8 billion.
Within the sector, shares in the second largest U.S. lender JP Morgan-Chase jumped 2.83%, rivals Citigroup saw shares rise 1.61%, while U.S. listed shares of Spain’s largest lender Banco Santander climbed 2.57% after China's Vice Premier Li Keqiang said that China would continue to take part in Spanish government debt auctions.
Meanwhile, shares in the commodity sector performed strongly as crude oil and metal prices advanced.
Shares in oil and gas giant Exxon Mobil gained 1.04%, metal producer Freeport McMoran Copper & Gold saw shares jump 1.15%, while shares in the largest U.S. aluminum producer Alcoa rallied 3.96% after Deutsche Bank recommended buying the stock.
Elsewhere, U.S. listed shares of German automaker Porsche soared 12.59% after a U.S. federal judge dismissed a USD2 billion lawsuit by ten hedge fund groups, accusing the German automaker of misleading short-sellers in its acquisition of Volkswagen shares in 2008.
Meanwhile, in broker news, shares in the world’s largest aerospace company Boeing surged 2.11% after the stock was upgraded by JP Morgan-Chase and Barclays Capital.
Shares in the world’s largest online retailer Amazon leaped 2.07% after Morgan Stanley said the company’s revenue may increase by 194% to USD100 billion by 2015.
Across the Atlantic, European stock markets posted sharp gains. The EURO STOXX 50 surged 1.19%, France’s CAC 40 jumped 1.02%, Germany's DAX climbed 0.81%, while Britain's FTSE 100 remained closed for the New Year’s holiday.
Later in the day, the U.S. was to publish industry data on manufacturing activity as well as a report on construction spending.