U.S. stocks close higher, as traders shake off concerns over China’s slowing economy

U.S. stocks closed higher on Monday, despite China’s disappointing economic data raising concerns about a slowdown in global growth. The Dow Jones Industrial Average
DJIA,
+0.45%
gained around 143 points, or 0.4%, to close near 33,912. The S&P 500
SPX,
+0.40%
rose 17 points, or 0.4%, to finish at around 4,297. The Nasdaq Composite
COMP,
+0.62%
advanced 80 points, or 0.6%, to end at about 13,128. Data released Monday showed the Chinese economy slowed in July across the board, while the country’s central bank unexpectedly cut two key policy rates to boost the economy. U.S. stocks rallied last week on cooler-than-expected inflation readings, as the S&P 500 completed a four-week winning streak on Friday, and the Nasdaq Composite sits near an almost four-month high.