NEW YORK, New York - U.S. stocks rallied on Friuday despiter a double-digit fall in U.S.-listed Chinese stocks, and a more than one thousands point fall on the Hong Kong stock exchange.

"It's all about earnings, and in our view, earnings are coming in, honestly, at or below expectation," Terry Sandven, chief equity strategist at U.S. Bank's wealth management division told CNBC Monday.

"To a large degree, as the next two weeks go, so too will the broad market go," he said.

The Dow Jones industrials did best, surging 417.06 points or 1.34 percent to 31,499.62.

The Standard and Poor's 500 rose 44.59 points or 1.19 percent to 3,797.34.

Trailing the field, the Nasdaq Composite increased 92.90 points or 0.86 percent to 10,951.61.

The U.S. dollar dominated on foreign exchange markets Monday, although the euro went against the trend stren gthening to 0.9874. The Japanese yen had a wild day, rising to near 50 prior to central bank intervention knocking the currency back to 145. However sellers again took charge and took the yen to 148.98 by the New York close Monday.

The Swiss franc edged down to 1.001. The Canadian dollar traded in a tight range at 1.3713. The Australian dollar weakened sharply to 0.5312, having earlier touched a low of 0.6272. The New Zealand dollar declined to 0.5693.

Overseas, European markets strengthen whilst in the UK, marking the annointment of the country's third prime minister this year, stocks made a modest rise.

The German Dax closed 1.58 percent higher Monday. In Paris, France the CAC 40 went one better, rising 1.59 percent. London's FTSE 100 climbed 0.64 percent.

In Hong Kong, the Hang Seng tumbled 1,030.43 points or 6.36 percent to close at 15,180l69, a level not seen since the Global Financial Crisis in 2008/9.

In mainland China, the Shanghai Composite shed 61.37 points or 2.02 percent to 2,977.56.

Conversely, in Japan, the Nikkei 225 rose 84.32 points or 0.31 percent to 26,974.90.

The Australian All Ordinaries surged 108.50 points or 1.58 percent to 6,978.40.

It was a different story across the Tasman. The S&P/NZXZ 50 declined 49.64 points or 0.46 percent to 10,782.36.

South Korea's Kospi Composite increased 20.25 points or 0.91 percent to 2,233.37.

Stock markets in Singapore, Malaysia, and India were closed Monday for a public holiday.