US stocks rose on Monday as the major indexes rebounded from their worst weekly performances in two years.
The Dow Jones Industrial Average rose 410 points to 24,601 while the broader-based S&P 500 added 36 points to 2,657.
U.S President Donald Trump revealed the latest budget of the country on Monday and the White House called for $3 trillion in the deficit reduction that shall also include $1.7 trillion in the compulsory spending cuts and at the same time proposing to cut the discretionary spending by 2% a year after 2019. The S&P 500 was up 25 points (0.96%), while the Nasdaq was up 68 points (1%).
The benchmark 10-year USA note yield rose to a four-year high on Monday before trading at 2.858 percent.
"You nearly could hear a collective sigh of relief on Friday when the market closed higher on the day - and ahead of a weekend at that", said John Stoltzfus, the chief investment strategist at Oppenheimer Asset Management, in a note on Monday.
Facebook Hemorrhaging 2 Million Younger Users Every Year
While Facebook continues to build monthly users overall, that increase is largely driven by older users, the firm found. We've been writing more negative stories about Facebook than positive ones in recent weeks; that is never a good sign.
Energized by low stock prices coming off the more than 10 percent drop from its January high point, investors pushed the Dow to its best two-day gain - 741 points - since August 2015. Jim Paulsen, chief investment strategist for the Leuthold Group, said he thinks stocks and bonds will fall further as investors consider the likelihood that interest rates will keep rising and inflation will increase.
Oil prices have dropped since reaching long-time highs in late January, when USA crude peaked at $66 a barrel.
The Dow Jones average, which soared 330 points on Friday to close at 24,191, was expected to open at around 24,487.
US crude oil dropped 1 percent to settle at $61.15 a barrel, while Brent fell 1.1 percent to $64.81. The S&P 500, meanwhile, posted moves greater than 1 percent in four-of-five trading days last week. Last Friday, trade closed higher and all of the three major indexes closed the week over 5% down.
Drug distributor AmerisourceBergen jumped almost 13 percent after the Wall Street Journal reported Walgreens approached the company for a takeover. The Trump administration has been pushing defense spending aggressively higher. Disney agreed to buy Fox's movie and television studios and some cable and global TV businesses in December for $52.4 billion.
Scores of Russian mercenaries reportedly killed by USA airstrikes in Syria
This incident is not the first time Russian mercenaries have been reported to be operating in Syria . President Donald Trump by phone Monday, but the military action in Syria wasn't discussed, he said.
In the commodity markets, the crude oil prices remained nearly unchanged, recovering earlier from the sharp losses of last week.
In other commodities trading, wholesale gasoline fell 4 cents to $1.77 a gallon. Natural gas gave up 1 cent to $2.70 per 1,000 cubic feet.
The dollar rose to 108.67 yen from 108.53 yen. The euro fell to $1.2276 from $1.2392. Silver lost 20 cents, or 1.2 percent, to $16.14 an ounce.
Germany's DAX jumped 1.4 percent while the CAC 40 in France and the British FTSE 100 both advanced 1.2 percent. Copper added 5 cents, or 1.7 percent, to $3.09 a pound.
Israel PM Netanyahu shrugs off police corruption claims, opposition
Calling them baseless, he told the public he would continue to lead Israel till the end of his term as Prime Minister. Police said there was sufficient evidence to charge both Milchan and Mozes with bribery.
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