US equities extended upward momentum on Monday amid easing concerns about the economic outlook while also increasing confidence the Federal Reserve will cut interest rates next month. The major averages surged going into the final hour of trading, with the Nasdaq and the S&P 500 closing just shy of their highs of the session. The Nasdaq shot up 245.05 points or 1.3 percent to 17,876.77, the S&P 500 jumped 54.00 points or 1.0 percent to 5,608.26 and the Dow climbed 236.77 points or 0.6 percent to 40,896.53. The Nasdaq and the S&P 500 closed higher for the eight consecutive session and have more than offset the steep drop seen early this month.