U.S. stocks rose as a fresh climb in oil prices spurred gains in shares of energy companies.
The Dow Jones Industrial Average on Monday rose 107 points, or 0.6%, to 18347. The S&P 500 gained 0.5% and the Nasdaq Composite added 0.8%.
Energy shares in the S&P 500 rose 1.5% and U.S. crude prices increased 3.1% to $51.35 a barrel as Russian President Vladimir Putin supported international efforts to limit oil supply .
Analysts expect volatility in oil prices this week as energy companies and crude producers meet in Istanbul for the World Petroleum Congress, where members of the Organization of the Petroleum Exporting Countries will try to persuade non-OPEC producers, such as Russia and Norway, to cut production.
Exxon Mobil and Chevron were among the biggest gainers in the Dow industrials, rising 2% and 1.9% respectively.
Shares of Mylan NV rose 9% after the U.S.-listed pharmaceuticals firm agreed to pay $465 million to settle allegations that it overcharged the government for its EpiPen products.
Analysts said trading volumes were thin due to holidays in Japan, Hong Kong and Canada, as well as Columbus Day in the U.S., with the Treasury market closed.
Wall Street had ended a touch lower Friday following a slightly softer-than-expected monthly jobs report. Still, the jobs figures ultimately did little to shift investors' expectations for the course of U.S. interest rate rises.
U.S. Federal Reserve Vice Chairman Stanley Fischer said Sunday that the most recent jobs report was "solid, showing continued improvement" and that the decision to hold rates steady in September was a "close call."
Investors were also looking ahead to the start of the third-quarter earnings season, which gets under way later this week with reports from Alcoa and big banks including J.P. Morgan and Wells Fargo.
"If we can somehow get to flat in earnings, that would be very supportive of equity markets in general," said Jon Adams, investment strategist at BMO Global Asset management.
"At some point, we need to see top-line growth to justify [current] valuations," he said.
Stocks in Europe recovered from an early fall in the banking sector. The Stoxx Europe 600 rose 0.7%. The euro fell 0.6% against the dollar to $1.1139.
Investors in the region also continued to focus on negotiations between the U.K. and the European Union. The British pound was down 0.6% against the dollar at $1.2361 after briefly falling as much as 6% in a few minutes during Asian trading hours Friday, while the yield on 10-year U.K. gilts climbed to 1.02%. Bond yields rise as prices fall.
European Central Bank President Mario Draghi said Saturday that the U.K.'s vote to leave the EU was very significant. "To think that it won't have any consequence would be to hope for too much," he said.
Despite a recovery in the currency, investors said Friday's steep fall highlighted continued concerns about the U.K.'s vote to leave the European Union and its implications for sterling.
"The U.K. in many ways is looking like a vulnerable emerging market economy, with a huge current-account deficit and alarming political trends," said Chris Scicluna, head of economic research at Daiwa Capital Markets Europe. He expects the British currency to continue to decline sharply against the dollar in coming months.
Gold rose 0.7% to $1,261 an ounce, according to FactSet.
Earlier, Shanghai stocks gained 1.4% as Chinese markets reopened from a week-long holiday, and the Chinese central bank set the yuan's reference exchange at a six-year low against the dollar.
Alison Sider contributed to this article
The Dow Jones Industrial Average on Monday rose 107 points, or 0.6%, to 18347. The S&P 500 gained 0.5% and the Nasdaq Composite added 0.8%.
Energy shares in the S&P 500 rose 1.5% and U.S. crude prices increased 3.1% to $51.35 a barrel as Russian President Vladimir Putin supported international efforts to limit oil supply .
Analysts expect volatility in oil prices this week as energy companies and crude producers meet in Istanbul for the World Petroleum Congress, where members of the Organization of the Petroleum Exporting Countries will try to persuade non-OPEC producers, such as Russia and Norway, to cut production.
Exxon Mobil and Chevron were among the biggest gainers in the Dow industrials, rising 2% and 1.9% respectively.
Shares of Mylan NV rose 9% after the U.S.-listed pharmaceuticals firm agreed to pay $465 million to settle allegations that it overcharged the government for its EpiPen products.
Analysts said trading volumes were thin due to holidays in Japan, Hong Kong and Canada, as well as Columbus Day in the U.S., with the Treasury market closed.
Wall Street had ended a touch lower Friday following a slightly softer-than-expected monthly jobs report. Still, the jobs figures ultimately did little to shift investors' expectations for the course of U.S. interest rate rises.
U.S. Federal Reserve Vice Chairman Stanley Fischer said Sunday that the most recent jobs report was "solid, showing continued improvement" and that the decision to hold rates steady in September was a "close call."
Investors were also looking ahead to the start of the third-quarter earnings season, which gets under way later this week with reports from Alcoa and big banks including J.P. Morgan and Wells Fargo.
"If we can somehow get to flat in earnings, that would be very supportive of equity markets in general," said Jon Adams, investment strategist at BMO Global Asset management.
"At some point, we need to see top-line growth to justify [current] valuations," he said.
Stocks in Europe recovered from an early fall in the banking sector. The Stoxx Europe 600 rose 0.7%. The euro fell 0.6% against the dollar to $1.1139.
Investors in the region also continued to focus on negotiations between the U.K. and the European Union. The British pound was down 0.6% against the dollar at $1.2361 after briefly falling as much as 6% in a few minutes during Asian trading hours Friday, while the yield on 10-year U.K. gilts climbed to 1.02%. Bond yields rise as prices fall.
European Central Bank President Mario Draghi said Saturday that the U.K.'s vote to leave the EU was very significant. "To think that it won't have any consequence would be to hope for too much," he said.
Despite a recovery in the currency, investors said Friday's steep fall highlighted continued concerns about the U.K.'s vote to leave the European Union and its implications for sterling.
"The U.K. in many ways is looking like a vulnerable emerging market economy, with a huge current-account deficit and alarming political trends," said Chris Scicluna, head of economic research at Daiwa Capital Markets Europe. He expects the British currency to continue to decline sharply against the dollar in coming months.
Gold rose 0.7% to $1,261 an ounce, according to FactSet.
Earlier, Shanghai stocks gained 1.4% as Chinese markets reopened from a week-long holiday, and the Chinese central bank set the yuan's reference exchange at a six-year low against the dollar.
Alison Sider contributed to this article
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