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U.S. stocks jump as Brexit fears abate

Xinhua, June 21, 2016 Adjust font size:

U.S. stocks traded sharply higher in the morning session Monday, as jitters about a possible Brexit eased after the latest polls showed the Remain camp making gains ahead of Britain's EU referendum later this week.

By midday, the Dow Jones Industrial Average jumped 198.84 points, or 1.12 percent, to 17,874.00. The S&P 500 gained 23.01 points, or 1.11 percent, to 2,094.23. The Nasdaq Composite Index leapt 72.23 points, or 1.50 percent, to 4,872.56.

New polls released over the weekend showed those wanting to stay in the European Union holding a slim majority over the Leave campaign, according to media reports on Monday.

The polls indicated a swing back to "Remain" after the killing of British politician Jo Cox.

A referendum will be held on Thursday, June 23, to decide whether Britain should leave or remain in the European Union.

European equities soared Monday following the news, with the British benchmark FTSE 100 Index surging over 3 percent around midday.

With no major economic data due Monday, oil prices were also in focus, which traded about 2 percent higher around midday Monday amid abating Brexit fears.

On Friday, U.S. stocks ended lower after wavering in a tight range as fears about a possible Brexit continued to weigh on Wall Street. Endit