US stocks started the month on a high note on Monday, extending April's gains as investors latched onto a weaker dollar as a sign of a more export-driven economy, analysts said.
The optimism was strong enough to brush off lacklustre US manufacturing data. Output activity rose for a second straight month in April but at a slightly slower pace, as new orders and production fell, data showed.
The broad-based S&P 500 was up 0.4% at 2,074. On Friday, the broad-based ticker ended the month at 2,065.50 - off its intra-month highs but a smidgeon higher than 2,059.74 where it had ended March. That means that since the start of the year the index has soldiered higher.
The S&P Midcap 400 index was up 0.4% at 1,467, led by gains at Genworth Financial (NYSE:GNW) and United States Steel Corp (NYSE:X).
Genworth shares were up 16.9% at $4.01 on a technical rally. United States Steel shares were up 6.6% at $20.37 after the company announced its intention to offer $500mln of senior secured notes due 2021 to repay outstanding debt, focusing on near-term maturities, and any remaining proceeds for general corporate purposes.
The S&P Smallcap 600 was up 0.2% at 696 led by Newpark Resources (NYSE:NR), up 11.1% at $5.19 as the stock recovered from a sell-off last week with its first quarter earnings where it posted a $13.3mln loss.
Bourse gains came despite the flight to gold and oil prices which once more sagged. The US benchmark West Texas Intermediate was down 1.22% at $45.36.