Tech Shares Propel U.S. Stocks Amid Economic Jitters

U.S. stocks soared on Columbus Day, driven by technology shares, as the bond market remained closed. Despite soft economic signs from China, major U.S. indexes hit record closings. Key corporate earnings and economic data are awaited later in the week, while global markets showed varied responses.

In a surprising surge, U.S. stocks gained ground on Columbus Day, largely fueled by the technology sector. With the bond market closed and economic data sparse, major indices secured record highs.

The tech-driven momentum came amid concerns over economic signals from China. Despite Beijing's pledges for stimulus, its vague details and weak export growth worried investors, impacting oil prices and raising global demand concerns.

As the week progresses, investors anticipate significant earnings reports, including from financial giants such as Bank of America and Citigroup, alongside expected economic data releases. Meanwhile, the dollar's strength impacted commodity prices, with both oil and gold witnessing declines.

(With inputs from agencies.)