The Dow industrials, S&P 500 and Nasdaq Composite all traded higher Monday as $Tesla (TSLA.US)$ and $Royal Philips (PHG.US)$ rallied and markets awaited the Fed's latest rate decision later this week.
The $S&P 500 Index (.SPX.US)$ climbed 0.32% shortly after the market closed. ET, while the$Dow Jones Industrial Average (.DJI.US)$ added 0.39% to 38,396.7. Meanwhile, the $Nasdaq Composite Index (.IXIC.US)$ rose 0.35%.
Stocks rose in part on strong gains from Tesla, which rose 14.9% to $193.43 shortly after 2 p.m. on word that China had partially approved its plans for fully self-driving cars.
Separately, Philips rallied 28.8% to $27.14 on reaching a $1.1 billion settlement to resolve claims over alleged problems with its sleep apnea devices.
MACRO
This week, investors can expect an update on Wednesday from the Federal Reserve on U.S. target Federal Funds Rates. Last week in macro, March PCE inflation numbers came in higher than expected, up 2.8% year over year compared to the 2.6% economists had expected.
The numbers followed Q1 GDP numbers that came out low Thursday, at 1.6% growth compared to expectations of 2.5%.
Investors will also watch this week for Friday's U.S. employment report, which will show how many non-farm jobs the American economy created during April.