The Wall Street indexes note a growth, as oil prices jumped more than 2%, while investors are preparing for the rate decision from the Federal Reserve and the Bank of Japan this week.
Dow Jones index rose by 108 points, or 0.60%, S & P 500 index gained 11 points, or 0.53%, and Nasdaq Composite index rose 20 points, or 0.38%.
As shown by the published data, the housing market index from NAHB unexpectedly jumped in September to an 11-month high.
In the absence of critical data, market participants focused on the decision on the monetary policy of the Fed.
As expected, on Wednesday at 18:00 GMT the Federal Reserve will leave unchanged its policy rate at the end of the two-day meeting to determine monetary policy. The central bank will also update its forecast for economic growth and interest rates.
30 minutes after the publication of the statement, the Federal Reserve System Chairman, Janet Yellen, will hold a long-awaited press conference. Investors will closely monitor any changes in the tone of the head of the Central Bank in relation to the economy and will look for any hints on the timing rate increases.
The Bank of Japan will take its own decision on the interest rate.
In contrast to the expectations of the lack of action by the Fed, the Bank of Japan may decide to lower interest rates further into negative territory.
Meanwhile, oil prices jumped more than 2% on Monday on news that Venezuelan President Nicolas Maduro said that OPEC and its member exporters are "close" to reaching an agreement on the oil market stabilization and that it aims to ensure that an agreement will be announced this month.
Maduro comments appeared on Sunday, despite the Saturday night statement by the Secretary General of OPEC, Mohammed Barkindo, that during the informal talks there won’t be accepted any decision.
Brent crude oil rose 2.16% to $ 46.76 per barrel, while WTI oil went up by 2.14% to $ 44.55.
Meanwhile, in the mergers and acquisitions space, Eldorado Resorts LLC (NASDAQ: ERI) offered $ 1.7 billion for casino operator – Isle of Capri Casinos Inc (NASDAQ: ISLE), while Nucor (NYSE: NUE) has agreed to acquire Independence Tube for $ 435 million.
Shares of Avnet Inc (NYSE: AVT) soared almost 9% on the agreement to sell its IT-business for $ 2.6 billion to Tech Data Corp.