US stocks trade higher as financial shares rally

New York: US stocks traded on an upbeat note as financial shares rallied, bolstering the market.

The Dow Jones Industrial Average on Monday jumped 279.38 points, or 1.14 per cent, to 24,735.86. The S&P 500 was up 20.44 points, or 0.74 per cent, to 2,780.26, Xinhua news agency reported.

The Nasdaq Composite Index climbed 40.59 points, or 0.53 per cent, to 7,728.98.

Many major bank stocks gained. Shares of Bank of America, JPMorgan Chase & Co. and Goldman Sachs all rose more than 2 per cent.

Trading mood was lifted by a slew of encouraging data released last week. This market optimism overshadowed the concerns over trade tensions between Washington and its key trading partners, experts noted.

Shares of Caterpillar and Boeing advanced 3.84 per cent and 1.70 per cent, respectively, around midday. The two stocks are sensitive to trade tensions since they have a large portion of overseas business.

US stocks notched weekly gains over the past week, with the Dow, the S&P 500 and the Nasdaq climbing 0.76 per cent, 1.52 per cent and 2.37 per cent, respectively.