U.S. stocks hold at 3-month high on Europe hopes
U.S. stocks climbed higher and remained at the highest level in three months on Monday as positive remarks on Greek debt conditions and hopes for more stimulus added to gains boosted by the upbeat U.S. jobs report.
On the New York Stock Exchange, about two stocks rose for every one that fell and the volume was 3 billion shares, lower than average.
When the market closed, the Dow Jones industrial average gained 21.34 points, or 0.16 percent, at 13,117.51. The Standard & Poor's 500 rose 3.24 points, or 0.23 percent, to 1,394.23. The Nasdaq Composite Index rallied 22.01 points, or 0.74 percent, to 2,989.91.
In Athens, inspectors from the International Monetary Fund, the European Commission and the European Central Bank concluded a visit to Greece Sunday, saying the debt-burdened country had made progress in finding budget cuts needed to continue its bailout program.
However, inspectors also said there was still a lot of work to be done and they would return in September to give the final verdict.
Meanwhile, remarks from Mario Draghi, the president of the European Central Bank, still gave hopes to investors that the ECB will step in to help the region's economy.
Although the ECB disappointed the market with no immediate action last week, many still believed that Draghi's statement paved the way for more bond buying.
With no major economic data scheduled on Monday, investors were still buoyed by the stronger-than-expected July jobs data of the United States, which pushed stocks to their highest level in three months after its release on Friday.