S&P 500, Nasdaq soar over 1% on hopes of government reopening

Wall Street stocks jumped early Monday on optimism that the US government shutdown would soon end as a proposed deal cleared a key hurdle in the Senate.

The Dow Jones gained 237.58 points or 0.51% to close at 47,224.68, the S&P 500 rose 68.62 points or 1.02% to 6,797.43, while the Nasdaq advanced 382.25 points or 1.66% to 23,386.79.

The Republican-led chamber approved a procedural vote after a handful of Senate Democrats crossed over to permit debate on a measure that could end the longest shutdown in US history.


"It appears that because we have come one step closer to ending the government shutdown, that has given investors some optimism that the favorable seasonality could kick in once again," said Sam Stovall of CFRA Research.

Mastercard was flat and Visa was up 0.5 percent after the credit card giants reached a proposed settlement with merchants over fees in the long-running litigation. But the agreement requires the sign-off of a federal judge who blocked a prior accord.