NEW YORK Nuggets Alex English Jersey , Nov. 24 (Xinhua) -- U.S. stocks rose Monday, with the Dow and the S&P 500 closing at all-time highs, boosted by a global stock rally largely due to new central bank stimulus.
The Dow ticked up 7.84 points, or 0.04 percent, to 17,817.90. The S&P 500 advanced 5.91 points, or 0.29 percent, to 2,067.41. The Nasdaq Composite Index increased 41.92 points, or 0.89 percent, to 4,754.89.
Chinese Shanghai Composite Index rallied 1.85 percent on Monday after the People's Bank of China, the Chinese central bank, announced late Friday to cut the benchmark interest rate for one- year deposits by 25 basis points and the one-year lending rate by 40 basis points from Saturday.
European stocks also saw across-the-board advances Monday on escalating speculations that the European Central Bank may take fresh measures to tackle disinflation pressure. The European equity market was also bolstered by latest German Ifo confidence index, a closely-watched indicator of business sentiment in Germany, which climbed to 104.7 points in November, beating market expectations.
Despite buoyant sentiment coming from overseas stocks, U.S. economic data turned out lackluster in the day. The Chicago Fed National Activity Index moved down to 0.14 in October from 0.29 in September.
Meanwhile, the seasonally adjusted Markit Flash U.S. Services Purchasing Managers'Index registered 56.3 in November, its lowest reading since April and down from 57.1 in the previous month.
The blue-chip Dow underperformed the other two indices, as its component Verizon's shares shed 1.41 percent to 49.50 dollars apiece after the wireless carrier was downgraded to "neutral" from "buy" at Citigroup which quoted potentially higher operating costs for the company.
Investors are also looking to the second estimate of U.S. gross domestic product in the third quarter by the Commerce Department due out Tuesday, while keeping a close eye on key retailers to garner more evidence of the health of consumer spending as the holiday shopping season is coming near.
Last Friday, U.S. stocks pared early gains but still closed higher, with the Dow and the S&P 500 continuing to set record highs, as global central banks are moving to boost economy.
The CBOE Volatility Index, often referred to as Wall Street's fear gauge, dropped 1.94 percent to end at 12.65 on Monday.
In other markets, crude prices dropped Monday on investor expectations that the Organization of Petroleum Exporting Countries (OPEC) may not cut production when the producer group meets this week.
Light, sweet crude for January delivery moved down 73 cents to settle at 75.78 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 68 cents to close at 79.68 dollars a barrel.
Gold futures on the COMEX division of the New York Mercantile Exchange fell modestly Monday, with the most active gold contract for December delivery down 2 dollars to settle at 1,195.7 dollars per ounce.
The U.S. dollar weakened against most major currencies on Monday as the country's service sector grew less than expected this month.
In late New York trading, the euro rose to 1.2437 dollars from 1.2388 dollars in the previous session, and the British pound climbed to 1.5698 dollars from 1.5647 dollars.
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