Wall Street rose on trade optimism and Canada dropping its digital tax on U.S. tech firms. The move aims to boost U.S.-Canada ties. The Senate began debating Trump's tax bill. Meanwhile, Trump slammed the Fed, urging lower interest rates.
Gold stocks strongly moved upward amid a notable increase by the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 2.8%. Brokerage stocks emerged significantly strong, as reflected by the 2.0% jump by the NYSE Arca Broker/Dealer Index. Computer hardware, software and networking stocks also turned in strong performances, while oil service stocks moved to the downside along with the price of crude oil.
Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index advanced by 0.8%, while China's Shanghai Composite Index climbed by 0.6%. The major European markets have moved to the downside on the day. While the German DAX Index slid by 0.5%, the U.K.'s FTSE 100 Index fell by 0.4% and the French CAC 40 Index dipped by 0.3%.
In the bond market, treasuries saw a notable rebound following the pullback seen last Friday. As a result, the yield on the benchmark ten-year note which moves opposite of its price, slid 5.3 bps to a two-month closing low of 4.23%.
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