MSCI's global benchmark of equity performance in 49 countries advanced 1.24% to 557.84 and its index for emerging markets stocks rose 1.02%. Europe's broad FTSEurofirst 300 index closed up 1.59% at 1,346.48, while on Wall Street the Dow Jones Industrial Average rose 1.6%, the S&P 500 gained 1.23% and the Nasdaq Composite added 0.42%.
NEW YORK: The Dow and S&P closed higher on Monday with the Nasdaq posting slimmer gains on the eve of the U.S. presidential election, as investors girded for what could be big market swings this week.
Last week all three indexes notched their biggest weekly decline since March, and this week market participants largely expected short-term volatility and the likelihood of major long-term policy shifts related to taxes, government spending, trade and regulation.
The Dow Jones Industrial Average rose 423.45 points, or 1.6%, to 26,925.05, the S&P 500 gained 40.28 points, or 1.23%, to 3,310.24 and the Nasdaq Composite added 46.02 points, or 0.42%, to 10,957.61.
The longer-term moves will depend on whether Republican President Donald Trump or his Democratic challenger Joe Biden wins the White House race.
Global equity markets rebounded on Monday as robust U.S., China and euro zone factory data offset lockdowns in Europe to combat record COVID-19 cases, while the dollar and gold rose on U.S. presidential election jitters.
U.S. manufacturing activity accelerated more than expected in October, with new orders jumping to their highest in nearly 17 years, while Chinese factory activity expanded the fastest in a decade and euro zone manufacturing also sped up.
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