The Dow Jones Industrial Average rose 102 points, or 0.31%, while the S&P 500 and the Nasdaq Composite were gained 0.7% and 1.23%, respectively.
|I:DJI||DOW JONES AVERAGES||33815.9||-321.41||-0.94%|
|I:COMP||NASDAQ COMPOSITE INDEX||13818.412584||-131.81||-0.94%|
Monday's advance comes as the 10-year yield fell 5 basis points at 1.68% as investors have moved into the safety of U.S. Treasurys to guard against potential volatility in overseas markets caused by Turkish President Recep Tayyip Erdogan abruptly firing his country’s central bank chief.
In stocks, mega-cap technology companies, including Apple Inc. and Intel and Microsoft Corp., outperformed as bond yields fell.
Tesla Inc. CEO Elon Musk said his company would not provide the U.S. government with any data collected by vehicles in China or other countries.
The announcement follows the Chinese government last week restricting military personnel and government employees and some workers of state-owned enterprises from using Tesla vehicles due to privacy concerns.
|AXP||AMERICAN EXPRESS CO.||147.20||-0.02||-0.01%|
|GS||THE GOLDMAN SACHS GROUP, INC.||330.85||-4.42||-1.32%|
|JPM||JPMORGAN CHASE & CO.||147.37||-3.17||-2.11%|
Meanwhile, the flattening of the yield curve is weighing financials, including Dow components American Express Co., Goldman Sachs Group Inc. and JPMorgan Chase & Co.
In mergers and acquisitions, Kansas City Southern agreed to be acquired by Canadian Pacific Railway Ltd. in a $25 billion deal that would create the first the first U.S.-Mexico-Canada rail network. The deal, which values Kansas City Southern at $275 per share, a 23% premium to Friday’s closing price, will pay shareholders $90 cash and 0.489 shares for each Kansas City Southern share.
|KSU||KANSAS CITY SOUTHERN||296.58||-1.07||-0.36%|
|CP||CANADIAN PACIFIC RAILWAY LTD.||367.56||+12.26||+3.45%|
In commodities, West Texas Intermediate crude oil climbed 13 cents to $61.55 per barrel and gold slid $3.60 to $1,737.80 an ounce.
European markets were little changed with France’s CAC 40 weaker by 0.49% while Britain’s FTSE 100 and Germany’s DAX 30 advanced 0.26% and 0.25%, respectively.
In Asia, Japan’s Nikkei 225 lost 2.07%, Hong Kong’s Hang Seng index fell 0.36% and China’s Shanghai Composite rose 1.14%.