Data showing that the U.S. manufacturing sector contracted in May at a slower rate than expected fueled hopes the U.S. recession that began in December 2007 is moderating.
Investors were also encouraged by signs of manufacturing stabilization from China, with demand from emerging markets for commodities and other resources seen leading a revival of global growth.
The Dow Jones industrial average <.DJI> shot up 221.11 points, or 2.60 percent, to 8,721.44. The Standard & Poor's 500 Index <.SPX> gained 23.73 points, or 2.58 percent, to 942.87. The Nasdaq Composite Index <.IXIC> jumped 54.35 points, or 3.06 percent, to 1,828.68.
NYMEX-NEW YORK, June 1 (Reuters) - U.S. crude futures settled at a near seven-month high on Monday as upbeat economic reports lifted global stocks and Wall Street while a weakened dollar attracted investors to oil and other commodities.
"The strength of the stock market and the weakness of the dollar are combining to support crude futures.
On the New York Mercantile Exchange, July crude
CBOT-SOYBEANS - July
Rallies to eight-month high on shrinking soy supplies, slow plantings, falling dollar, gains in equities and higher crude oil.
CBOT-SOYOIL - July
FCPO-JAKARTA, June 1 (Reuters) - Malaysian palm oil futures rose 2.5 percent to their highest close in nearly two weeks, supported by a rally in crude oil and rival soybean prices, traders said.
The benchmark August contract
REGIONAL EQUITIES-BANGKOK, June 1 (Reuters) - Singapore shares <.FTSTI> surged
more than 2 percent to close near an 8-month high on Monday, leading rallies on other Southeast Asian stock markets propelled by higher oil prices, analysts said.
Malaysia's index <.KLSE> rose 1.7 percent to close near a 9-month high, with Maybank
Singapore's Straits Times Index <.FTSTI> rose 2.2 percent to its highest since October 2, with developer CapitaLand