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The Dow Jones Industrial Average 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 30-stock index came down from its highs of the day, but still climbed 210.82 points to 40,211.72.
The S&P 500 index picked up 15.87 points to 5,631.22.
The NASDAQ hiked 74.12 points to 18,472.57.
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, 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 around 0.5% in the session. The insurers could benefit from fewer cost pressures coming from a Republican administration. Goldman Sachs shares traded more than 2% 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
Beyond earnings, investors parsed comments from Federal Reserve Chair Jerome Powell, who said the central bank wouldn’t wait until inflation was at its goal of 2% before lowering interest rates. He also said a hard landing scenario is unlikely for the economy.
Prices for the 10-year Treasury faded, raising yields to 4.23% from Friday’s 4.18%. Treasury prices and yields move in opposite directions.
Oil prices dipped 27 cents at $81.94 U.S. a barrel.
Gold prices gained $6.20 to $2,426.90
