Wall Street surges on 2010 debut

Wall Street has started the new year on a strong note amid a global equity rally.

The rally drove both the Dow and the S&P 500 to their highest closes in 15 months, while the Nasdaq ended at a 16-month high on Monday. The major indexes surged more than 1.5 percent each. The energy sector lifted the market as crude hit 81 US dollars a barrel on optimism that a gradual US economic recovery in 2010 will boost demand for oil. Meanwhile, the US dollar fell against a basket of foreign currencies, also adding fuel to the market rally.