NEW YORK (AP) -- Investors looking for reassurance about the health of the global economy received just that Monday.
Stocks extended their rally into a third week after global regulators agreed to new rules for how much money banks must hold in reserves, China reported its economy remains robust and companies announced a flurry of takeovers.
"The package of catalysts is a perfect backdrop for a market trying to confirm global economic growth," said Quincy Krosby, a market strategist at Prudential Financial. Dealmaking and the expansion in China further reduced worries about the economy falling back into recession, Krosby said.
The Dow Jones industrial average rose 81 points for its eighth gain in the past nine days. The Dow did close off its high after some traders pulled money out of retail stocks ahead of the government's monthly retail sales report due out Tuesday.
