The stocks at the Wall Street were recorded mostly higher on Monday, encouraged by a couple of billion-dollar agreements, while a sharp surge in the crude oil price supported the energy names.
The gain comes a session after S&P 500’s biggest decline in nearly two months, as well as two consecutive weeks of drops for major indexes.
While the Nasdaq is 2.4 percent below its record close hit in March 2000, the S&P 500 and the Dow are nearly two percent below their record closing high.
Tom Mangan, senior vice president at Ohio-based James Investment Research Inc, said, “We’re positive on the stock market here, and the recent setback last week just provides better opportunity to buy.”
At 11:09 am (1510 GMT), the S&P 500 added 5.69 points, or 0.27 percent, to 2,076.95, the Dow Jones industrial average surged 98.77 points, or 0.55 percent, to 17,955.55. On the other hand, the Nasdaq Composite gained 2.10 points, or 0.04 percent, to 4,929.47 at the given time.
The US crude futures surged 1.9 percent to USD 50.56 a barrel after market data company Genscape reported a meek stock build last week at the delivery point for oil in Cushing, Oklahoma.
The S&P energy sector increased 0.7 percent and remained the strongest performer among the S&P sectors. Chevron Corp surged 1.6 percent to USD 105.24, while supporting the Dow.
On the NYSE, the advancing issues outnumbered declining ones by 1,698 to 1,198, for a 1.42-to-1 ratio; while 1,389 issues surged and 1,171 dropped for a 1.19-to-1 ratio on the Nasdaq.
The Nasdaq Composite was posting 35 new highs and 36 new lows, the benchmark S&P 500 index was recording six new 52-week highs and seven new lows.