NEW YORK: US stocks rallied on Monday to the cusp of their records.

The S&P 500 climbed 1.1 per cent and pulled within 0.3 per cent of its all-time high set earlier this month. The Dow Jones Industrial Average jumped 515 points, or 1.1 per cent, and the Nasdaq composite gained 1.4per cent.

Apple led the way and rose 3.9 per cent amid optimism about demand for its latest iPhone design. It was the strongest force lifting the S&P 500 and set its own record high.

Cleveland-Cliffs jumped 21.5 per cent after the steel company's CEO, Lourenco Goncalves, said it would provide details soon about a potential deal with a major global steel producer that could mean bigger profits. He also said his company has potentially found signs of rare earths at sites in Michigan and Minnesota.

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