Stocks Continue Rising Ahead of Earnings Season

13/10/2015 06:56 AST

Large-cap stocks rose for the seventh consecutive session on Monday, while bond markets were closed for the Columbus Day holiday, pushing down trading volumes.

In the end, the Dow Jones Industrial Average gained 0.3%, the S&P 500 gained 0.1%, the Nasdaq Composite gained 0.2% and the Russell 2000 lost 0.1%. The dollar was little changed, gold gained 0.5%, and crude oil was hit with a 5.1% loss as producers start rolling over price hedges.

Asia was strong overnight, with the Shanghai Composite up 3.3%, the Shenzhen Composite up 4.2% and the Hang Seng up 1.2%.

The People’s Bank of China increased its pilot bank lending program to nine provinces, including Shanghai, from two previously. The program allows bank to pledge assets such as loans to the PBoC to secure cash. The chatter is that this is a Chinese version of the “quantitative easing” programs launched by the Bank of Japan, the Federal Reserve and the European Central Bank already.

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