Fund managers are enhancing their portfolios before the quarter ends on Tuesday in a ritual known as "window dressing" by selling some of the quarter's losers and scooping up the winners. This move bolstered stocks as well.
The Dow Jones industrial average <.DJI> gained 90.99 points, or 1.08 percent, to end at 8,529.38. The Standard & Poor's 500 Index <.SPX> was up 8.33 points, or 0.91 percent, at 927.23. The Nasdaq Composite Index <.IXIC> was up 5.84 points, or 0.32 percent, at 1,844.06.
Wall Street's eyes and ears also were on the news coverage of Bernie Madoff, who was sentenced to 150 years in prison on Monday for running what prosecutors called a $65 billion Ponzi scheme. When Madoff's fraud was revealed last December, its scope was so brazen and so massive that it shocked investors and made everyone question their broker.
NYMEX-NEW YORK, June 29 (Reuters) - U.S. crude oil futures rose sharply on Monday as attacks in Nigeria and optimism about economic recovery helped boost equities, sidelining worries about tepid demand and high inventories.
On the New York Mercantile Exchange, August crude
CBOT-SOYBEANS - July
Tight supplies of soy continue to lift soybean futures market while good U.S. crop growing weather weighs on November
CBOT-SOYOIL - July
FCPO-JAKARTA, June 29 (Reuters) - Malaysian palm futures fell on Monday as investors cut positions amid fears that demand for the tropical oil is slowing down and on worries that India might impose import duties, traders said.
The benchmark September palm oil contract
REGIONAL EQUITIES-BANGKOK, June 29 (Reuters) - Southeast Asian stock markets
ended mixed on Monday, with losses in big caps such as SingTel
weighing on Singapore but the Thai index outperforming thanks to
gains in banking shares.
Singapore's index <.FTSTI> inched down 0.03 percent, with Singapore Telecommunications
Malaysia <.KLSE> ended flat, but Maybank
Malaysian banking stocks remained murky because there was no clear sign yet that the economy would bounce back in the fourth quarter as many have hoped.
Indonesia <.JKSE> eased 0.3 percent while Manila <.PSI> drifted down 0.4 percent, even though their central banks could decide to cut interest rates at meetings in July.