Dow rises by more than 500 points as traders look to robust earnings season

Traders are feeling optimistic ahead of third-quarter earnings. Brendan McDermid/Reuters New York —

Wall Street kicked off a new week in high gear as optimism rose that the 20-day shutdown of the federal government could soon draw to a close.

National Economic Council Director Kevin Hassett told CNBC Monday he believes the shutdown is “likely to end sometime this week” and that the Trump administration would implement punitive new measures if Democrats in the Senate continue to hold out.

Traders are also feeling hopeful that the latest round of earnings reports will reveal positive corporate growth despite uncertainty in the economy. Around 85% of companies in the S&P 500 who have reported so far this quarter have beaten expectations, according to FactSet.

The Dow was around 550