US stock ended higher on Monday as concerns about Syria eased and investors digested a fresh batch of earnings.
The S&P 500 ended the day 0.8 per cent higher at 2,677.84 in a broad-based rally. Telecoms led the gain rising 1.5 per cent, followed closely by utilities and materials both up about 1.4 per cent. Meanwhile, real estate snagged the smallest gains, up 0.5 per cent.
US stocks appeared to sustain last week’s strength as fears about an escalating conflict with Russia and Iran eased following the missile strikes conducted by the US, UK and France on Syria on Saturday morning.
The advance also came as investors appeared to take an optimistic view on first-quarter earnings season, with companies listed on the S&P 500 expected to report earnings growth of 17.3 per cent, according to FactSet. Indeed, Bank of America on Monday reported better than expected quarterly results, citing lower taxes and higher interest rates.