The S&P 500 was up 0.5 percent by midday Monday.
U.S. stocks continued their upward momentum on Monday as investors focused on corporate earnings and global economic developments while the U.S. bond market closed for a holiday.
The S&P 500 built on last week’s all-time high, and by midday, the index was up 0.5 percent, extending Friday’s record-breaking performance.
Meanwhile, the Dow Jones Industrial Average overcame an early dip, climbing 118 points, or 0.3 percent, and the Nasdaq composite edged up 0.6 percent.
The modest gains on Wall Street followed a relatively quiet trading session in Europe.
The most significant movement in global markets came from China, where Finance Minister Lan Fo’an provided an eagerly anticipated update on Saturday regarding the country’s economic outlook.
While he hinted at new measures to stimulate the world’s second-largest economy, the lack of specific details left investors wanting more.
This ambiguity triggered mixed reactions across Asian markets.
Shanghai stocks surged 2.1 percent, but Hong Kong’s Hang Seng index fell by 0.7 percent.
Crude oil prices also dropped nearly 2 percent amid growing concerns over China’s slowing economy and its impact on global demand for commodities.
China’s recent rally in equities, driven by hopes of major economic stimulus, has hit a roadblock as investors expressed doubts about the effectiveness of the government’s efforts.
