U.S. Markets closed

Oil Prices Help Stocks to Close Higher Monday

- By Julie Young

The Dow Jones Industrial Average closed at 25,914.10 on Monday with a gain of 65.23 points or 0.25%. The S&P 500 closed at 2,832.94 for a gain of 10.46 points or 0.37%. The Nasdaq Composite closed at 7,714.48 for a gain of 25.95 points or 0.34%. The VIX Volatility Index was higher at 13.10 for a gain of 0.22 points or 1.71%.

Monday's market movers

Energy stocks led gains on Monday as oil prices increased to their highest level since November. Prices were helped by comments from the Joint Ministerial Monitoring Committee of oil producers, which suggested OPEC could cancel its April ministerial meeting because of improved compliance with production cuts. Investors were also watching expectations for the Federal Reserve's two-day March meeting, which begins tomorrow. In earnings news, Tilray (TLRY) and Overstock (OSTK) reported results. Tilray was down 0.36% with an after-market earnings report showing revenues beating estimates by $1.57 million. Overstock was down 5.67% after missing revenue and earnings per share estimates.

Economic reports affecting market trading included the following:

  • The NAHB Housing Market Index remained unchanged at 62 in March.
  • The Treasury held auctions for three-month bills at a rate of 2.410% and six-month bills at a rate of 2.450%.

In the Dow Jones Industrial Average, the following stocks led gains:

  • Goldman Sachs (GS) 2.12%
  • UnitedHealth (UNH) 1.43%
  • Microsoft (MSFT) 1.43%

Small-cap stocks

In small caps, the Russell 2000 closed at 1,563.93 for a gain of 10.39 points or 0.67%. The S&P 600 closed at 954.97 for a gain of 7.72 points or 0.81%. The Dow Jones Small-Cap Growth TSM Index closed at 9,907.75 for a gain of 65.34 points or 0.66%. The Dow Jones Small-Cap Value TSM Index closed at 9,599.58 for a gain of 56.67 points or 0.59%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,909.01 for a gain of 13.15 points or 0.69%; the S&P 100 at 1,252.08 for a gain of 4.60 points or 0.37%; the Russell 3000 at 1,672.59 for a gain of 6.75 points or 0.41%; the Russell 1000 at 1,570.24 for a gain of 6.02 points or 0.38%; the Wilshire 5000 at 29,322.71 for a gain of 128.96 points or 0.44%; and the Dow Jones U.S. Select Dividend Index at 707.77 for a gain of 3.90 points or 0.55%.

This article first appeared on GuruFocus.