Stocks advanced on Monday on a sign of renewed interest in initial public offerings and a weaker U.S. dollar that drove commodities prices higher, boosting energy and materials shares.
The U.S. dollar fell 0.4 percent against a basket of major currencies <.DXY>, continuing its recent weakness that has helped bolster U.S. stocks by lifting commodity prices and increasing the dollar value of repatriated export earnings of U.S. companies.
Assistance for stocks could also come from the magnet of Dow 10,000 and the expected ongoing stream of favorable corporate earnings, said Bruce Bittles, chief investment strategist at Robert W. Baird & Co in Nashville, Tennessee.
The Dow Jones industrial average <.DJI> was up 38.54 points, or 0.39 percent, at 9,903.48. The Standard & Poor's 500 Index <.SPX> rose 6.10 points, or 0.57 percent, to 1,077.59. The Nasdaq Composite Index <.IXIC> gained 9.46 points, or 0.44 percent, to 2,148.74.
On Nasdaq, Google Inc
Black & Decker Corp
Onyx Pharmaceuticals Inc
Investors are closely eyeing several earnings due out in the week including top banks -- JPMorgan Chase & Co
Crude oil traded higher above $73 a barrel, pushing commodity and energy companies such as Newmont Mining Corp
U.S. stocks rose every day last week in their best weekly run in three months, and Dow industrials reached a new 2009 closing high on Friday.
(Editing by Padraic Cassidy)