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Stocks advanced on Monday as investors bet the unsuccessful assassination attempt on former President Donald Trump will lead to big gains for the Republican presidential candidate and the GOP at the polls in November.
The Dow Jones Industrials Average plowed ahead 297.97 points to 40,298.87.
The S&P 500 index picked up 33.02 points to 5,648.37.
The NASDAQ popped 119.86 points, or 1%, to 18,518.31.
Traders were monitoring the latest developments with the attempted assassination of Trump, the Republican candidate for president. While it had potential to create more political strife in the country, investors also speculated this could further propel Trump and Republicans in the polls ahead of the November election.
The Republican National Convention commences Monday in Milwaukee, Wisconsin, with Trump leading President Joe Biden in national polls.
Friendlier fiscal policies ahead were seen as further spurring a broadening out of the bull market that started to take shape last week. Small-cap shares and banks led the gains Monday.
Humana and UnitedHealth Group each rose more than 1% in the session. The insurers could benefit from fewer cost pressures coming from a Republican administration.
Goldman Sachs shares traded more than 1% higher after posting earnings that exceeded analysts’ expectations.
Goldman is one of the more than 40 S&P 500 companies reporting second-quarter earnings this week as the new season ramps up. This list also includes household names such as Bank of America, United Airlines and Netflix
Investors will also follow remarks from Federal Reserve Chair Jerome Powell at the Economic Club of Washington, D.C. at 12:30 p.m. ET.
Prices for the 10-year Treasury faded, raising yields to 4.21% from Friday’s 4.18%. Treasury prices and yields move in opposite directions.
Oil prices dipped 34 cents at $81.87 U.S. a barrel.
Gold prices revived $17.70 to $2,438.40
