U.S. stocks gained steam on the first trading session of August, after the S&P 500 ended July just two points shy of its all-time record close. 'The focus isn't on company strength,' said Josh Mahony, a market analyst with IG Markets, based in London, referring to lackluster earnings as of late. 'I think the focus is more on what's going to happen from a monetary policy standpoint.' Verizon Communications (VZ - Get Report) agreed to purchase Fleetmatics Group (FLTX) , a web and mobile solutions company, for $2.4 billion in cash. The $60 a share Verizon will pay is a 40 percent premium to the company's closing stock price last Friday. This comes after Verizon announced plans to purchase web giant Yahoo! (YHOO) last week for $4.8 billion. General Motors (GM - Get Report) expects the China auto market to surge to 30 million vehicles over the next four years, compared to 24.6 million in 2015, according to a Reuters report. This comes as China transitions to a consumption-based economy, which is set to bring about slightly lower economic growth. TheStreet's Scott Gamm reports from Wall Street.