Defense stocks lifted Wall Street to begin the week after Donald Trump's first leg of a trip abroad resulted in billions of dollars worth of deals.
The S&P 500 was up 0.3%, the Dow Jones Industrial Average increased 0.4%, and the Nasdaq rose 0.52%.
Shares of Lockheed Martin (LMT) and Dow component Boeing (BA) rose Monday after both companies were seen walking away as winners from the weekend's Saudi deals bonanza, which saw Trump and representatives for American companies inking more than $350 billion of deals. Lockheed won contracts worth around $28 billion during the state visit, which will see Saudi Arabia buying air and missile defense equipment from it, along with navy ships, aircraft and helicopters. Boeing was also another big winner after it said that the Saudis have agreed to buy a series of new aircraft, weapons systems and helicopters.
Trump is in the middle of a nine-day trip, his first abroad since assuming office in January. Trump has arrived in Israel and will also visit Vatican City during this trip. The trip comes at an inopportune time for the president after two weeks of bombshells tied to his campaign's relations with Russia during the election.
A senior White House adviser close to the president is a person of interest in the investigation into the Trump campaign's possible collusion with Russia, The Washington Post reported on Friday afternoon. The report also indicated that investigators are shifting into a "more overtly active phase" of discovery with the "intensity of the probe ... expected to accelerate in the coming weeks."