Global stocks scaled five-week highs Monday on hopes that more government stimulus would come and that the world economy was on the mend, while the Chinese yuan retreated from a 17-month high after a policy move over the weekend.
Investor optimism that Washington will work through talks that have repeatedly stalled to deliver another round of fiscal stimulus drove major U.S. stock indices to highs last seen in early September.
Hopes that the top Wall Street banks will announce a decent set of third-quarter earnings this week that show business was not as weak as feared also helped, while excitement over an expected debut of Apple Inc's latest iPhone on Tuesday buoyed technology stocks.