NEW YORK (AP) - U.S. stocks rose sharply Monday as investors grew more hopeful that Britain will remain in the European Union, letting go of fears that have pulled stocks down in the last two weeks.
Asian stocks traded higher and indexes in Europe soared as the latest opinion polls and betting markets suggest it's more likely Britain will stay in the EU than leave it.
Britons vote on the matter Thursday.
The British pound rose sharply and investors dumped ultra-safe assets like U.S. government bonds, gold and utility stocks, sending those prices lower. Machinery and consumer companies jumped and energy companies rose with the price of oil.
The Dow Jones industrial average climbed 129.71 points, or 0.7 percent, to 17,804.87. The Standard & Poor's 500 index rose 12.03 points, or 0.6 percent, to 2,083.25. The Nasdaq composite gained 36.88 points, or 0.8 percent, to 4,837.21. U.S. stocks were on pace for much larger gains earlier in the day. At one time the Dow was up 271 points.
The pound rose to $1.4693 from $1.4375, a large move.