Wall Street closed higher ahead of a big week for central banks, carrying the S&P 500 to its highest level in more than a year.
The benchmark index rose 0.9 percent Monday. The Dow added 189 points, while the Nasdaq rose 1.5 percent.
Stocks have been cruising on hopes the economy may avoid a recession and the Federal Reserve may soon take it easier on raising interest rates. Wall Street hopes the Fed will leave rates alone on Wednesday, but a hot inflation report on Tuesday could jeopardize that. Central banks in Europe and Japan also meet this week.
On Monday:
The S&P 500 rose 40.07 points, or 0.9 percent, to 4,338.93.
The Dow Jones Industrial Average rose 189.55 points, or 0.6 percent, to 34,066.33.
The Nasdaq composite rose 202.78 points, or 1.5 percent to 13,461.92.
The Russell 2000 index of smaller companies rose 7.51 points, or 0.4 percent, to 1,873.21.
For the year:
The S&P 500 is up 499.44 points, or 13 percent.
The Dow is up 919.08 points, or 2.8 percent.
The Nasdaq is up 2,995.44 points, or 28.6 percent.
The Russell 2000 is up 111.97 points, or 6.4 percent.
