US stocks supported, Nasdaq reaches new closing high

The US equities edged higher on Monday, with the Nasdaq reaching a new closing high for the first time in nearly four months. A sharp drop in oil prices and the 10-year U.S. Treasury yield falling back below 5% supported risk appetite. The S&P 500 gained 1.49% to close at 7,764.70 points, the Nasdaq Composite rose 2.26% to 27,122.090, and the Dow Jones Industrial Average increased 0.71% to 52,048.83. The US 10-year yield fell to 4.95% and held under the critical 5% threshold amid lack of major economic cues. Meanwhile, WTI crude oil futures tanked around 5% as a slide under $100 per barrel mark extended. Last week, the Dow fell 1.7% for its worst performance since March. The S&P 500 was off about 0.1%. Only the tech-heavy Nasdaq posted a gain, up 0.7%. However, the DOW has found some support around its three-month low and is holding up the overall momentum for US equities now.

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