U.S. stocks extend rally, Dow Jones advances 240 points

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NEW YORK, New York – U.S. stocks remained buoyant at the start of a new week Monday with all the major indices making solid gains.

“The combination of the somewhat surprising successes in Ukraine, and the possibility of very favorable inflation, headline that maybe even show a decline for last month, may put us into a situation where we have a continued rally here,” Phillip Toews, CEO of Toews Asset Management told CNBC Monday. “And at that point, the main threat in the short term and in the medium term will be whether earnings continue to deteriorate.”

The Nasdaq Composite rallied 154.10 points or 1.27 percent to 12,266.41.

The Dow Jones industrial advanced 229.63 points or 0.71 percent to 32,381.34.

The Standard and Poor’s 500 climbed 43.05 points or 1.06 percent to 4,110.41.

The U.S. dollar gained ground on Monday but came off lows registered in Asia. The euro settled at 1.0115, around the New York close Monday. The British pound was robust at 1.677. The Japanese yen rose to 142.82. The Swiss franc strengthened to 0.9545.

The Canadian dollar was in demand at 1.2990. The Australian dollar firmed to 0.6880. The New Zealand dollar rose to 0.6133.

Overseas, the big gainer was the Dax in Germany which surged 2.40 percent. The Paris-based CAC 40 gained 1.95 percent. In London, the FTSE 100 added 1.66 percent,

In Japan, the Nikkei 2265 advanced 327.36 points or 1.16 percent to 28,542.11.

The Australian All Ordinaries rose 69.20 points or 0.97 percent to 7,208.20.

In South Korea, the Kospi Composite added 7.82 points or 0.33 percent to 2,384.28.

China’s Shanghai Composite gained 26.46 points or 0.82 percent to 3,262.05.

In New Zealand, the S&P/NZX 50 climbed 55.44 points or 0.47 percent to 11,813.21.

The Hang Seng in Hong Kong was closed Monday due to the Mid-Autumn Festival holiday.