Stock markets climbed worldwide on Monday, lifted by optimism over
the outlook for corporate earnings and U.S. President Donald Trump’s tax
reform plan, while the dollar gained as investors took a bullish view
of the American economy.
The three major U.S. stock indexes
closed at record highs, driven by the notion that economies around the
world are growing in sync and inflation is low, giving the Federal
Reserve and other central banks little reason to squelch the expansion.
Spanish borrowing costs rose and stocks fell as a violent police crackdown on an independence vote in Catalonia rattled investors, but major European bourses gained on travel stocks and the mining sector was helped by higher metals prices.
U.S. manufacturing surged on strong gains in new orders and raw material prices, while rebounding construction spending in August bolstered the economic outlook even as hurricanes Harvey and Irma are expected to dent third-quarter growth.
The Institute for Supply Management (ISM) said its index of U.S. factory activity rose to 60.8 last month, the highest reading since May 2004, from 58.8 in August.
Spanish borrowing costs rose and stocks fell as a violent police crackdown on an independence vote in Catalonia rattled investors, but major European bourses gained on travel stocks and the mining sector was helped by higher metals prices.
U.S. manufacturing surged on strong gains in new orders and raw material prices, while rebounding construction spending in August bolstered the economic outlook even as hurricanes Harvey and Irma are expected to dent third-quarter growth.
The Institute for Supply Management (ISM) said its index of U.S. factory activity rose to 60.8 last month, the highest reading since May 2004, from 58.8 in August.
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