Wall Street Soars Amid Apple Surge and Global Market Gains

US stocks rallied on Monday, nearing record highs as optimism about Apple and global market conditions drove major indices upwards. The S&P 500 rose 1.1%, moving within 0.3% of its record peak, while the Dow Jones Industrial Average surged by 515 points, marking a similar percentage gain.

Apple's shares increased by 3.9%, bolstered by demand for its new iPhone design, propelling the S&P 500 into record territory. Cleveland-Cliffs also soared 21.5% after CEO Lourenco Goncalves announced imminent details about a potential partnership with a major steel producer, alongside discoveries of rare earth elements in the US.

Market stability returned as concerns about potential bad loans eased, with smaller banks like Zions Bancorp recovering from last week's losses. Meanwhile, Amazon's stock held firm despite a cloud service outage. Globally, markets in Europe and Asia saw solid performances, with Japan's Nikkei 225 rising 3.4% following coalition developments in its government.