Stocks turn higher as oil rebounds from six-year low
NEW YORK - U.S. stocks reversed higher on Monday, with investors embracing crude's bounce off a six-year low.
Equities did an about face as U.S. crude edged back above $36 a barrel, after briefly dropping under $35 for the first time since 2009.
"The market took its cue from oil prices, having firmed throughout the afternoon and staying that way through the close," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
Investors are viewing crude's moves as a "signaling mechanism for global economic activity," Luschini added.
After fluctuating throughout the session, the Dow Jones Industrial Average gained 103 points, or 0.6 percent, to 17,369, with Chevron (CVX) and Exxon Mobil (XOM) leading blue-chip gains that included 22 of 30 components.
Shaking losses, the Standard & Poor's 500 (SPX) rose nearly 10 points, or 0.5 percent, to 2,022.
The Nasdaq Composite (COMP) added 19 points, or 0.4 percent, to 4,952.
On the New York Mercantile Exchange, West Texas Intermediate futures advanced for the first session in seven.