Stocks rally worldwide, S&P 500 back to within 3% of record

  • FILE - In this Tuesday, July 7, 2020 file photo, pedestrians wearing protective masks during the coronavirus pandemic pass by the New York Stock Exchange in New York. Wall Street is starting August with more gains, and U.S. stocks are climbing in early Monday, Aug. 3, 2020 trading following encouraging reports from around the world on the economy. (AP Photo/Frank Franklin II, File)

NEW YORK — Stocks closed broadly higher on Wall Street and around the world Monday following several encouraging reports on the economy. The S&P 500 added another 0.7% onto its four-month winning streak. The benchmark index is now back within 3% of the record high it set in February. Big Tech led the way higher again, and Microsoft and Apple alone accounted for much of the S&P 500′s gain. Earlier, reports showed that manufacturing improved across much of the world, including in Europe and the United States. Treasury yields, small-company stocks and crude oil prices also rose.