Stocks are closing solidly higher Monday as investors cheer a strong dose of positive earnings reports as well as economic data that showed the U.S. economy is growing.
Shares of clothing retailer Gap Inc. and flooring manufacturer Mohawk Industries both gained more than 7%. The Institute for Supply Management’s manufacturing index came in at 60.7, well above the 50-point mark that indicates manufacturing activity is expanding. Federal Reserve Chairman Jerome Powell said the economic outlook has “clearly brightened” in the United States, but the recovery remains too uneven.
The S&P 500 rose 11.49 points, or 0.3%, to 4,192.66