"Equity prices have gotten oversold"
- Mark Luschini, chief investment strategist for Janney Montgomery Scott LLC.
U.S. equity market edged higher on Monday on China stimulus hopes and after German and French officials said they would cooperate to keep Greece in the monetary union.
The Standard & Poor's 500 rose 1.16%, or 15.02 points, to 1,310.24. The Dow Jones Industrial Average climbed by 0.76%, or 94.49 points, to 12,463.87. The Nasdaq Composite Index gained 1.84%, or 51.00 points, to 2,829.79.
"Equity prices have gotten oversold," said Mark Luschini, chief investment strategist for Philadelphia-based Janney Montgomery Scott LLC.
"A more positive tone regarding efforts to put together some growth- related initiatives in Europe is enough to give investors a pause from the selling pressure. In addition, any kind of talk about recognizing China's slowdown that could lead to stimulus would be good for global activity."
© Dukascopy Bank