US stocks rally ahead of new week, euro strengthens

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US stocks rally ahead of new week, euro strengthens

NEW YORK, New York - U.S. stocks were buoyant at the beginning of a new week Monday with all 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 shows a decline for last month, could put us into a situation where we have a continued rally here, Phillip Toews, CEO of Toews Asset Management, told CNBC Monday. The main threat in the short term and the medium term will be whether earnings continue to deteriorate. The Nasdaq Composite rallied 154.10 points or 1.27 percent to 12,266. The Dow Jones industrial was up 229.63 points or 0.71 percent to 32,381. The Standard and Poor's 500 climbed 43.05 points or 1.06 percent to 4,110. The US dollar gained ground on Monday, but came off lows registered in Asia. The euro settled around New York on Monday at 1.0115. The Swiss franc was strengthened to 0.9545.

The Australian dollar was close to 0.6880. The big gainer was the Dax in Germany, which surged 2.40 percent. The Paris-based CAC 40 gained 1.95 percent. There was a 1.66 percent increase in London, according to the FTSE 100.

In Japan, the Nikkei 2265 advanced by 327.36 points or 1.16 percent to 28,542. The Australian All Ordinaries rose by 69.20 points or 0.97 percent to 7,208. The Kospi Composite added 7.82 points or 0.33 percent to 2,384 in South Korea. In New Zealand, the S&P NZX 50 climbed 55.44 points or 0.47 percent to 11,813. The Hang Seng in Hong Kong was closed Monday due to the Mid-Autumn Festival holiday.