Stocks rise near end of quarter
Energy, industrial and materials stocks pulled the US stock market higher as investors looked to put money into areas which would benefit from an economic recovery.
The Dow Jones industrial average rose 90.99, or 1.1%, to close on Monday at 8,529.38.
The Standard & Poor's 500 index rose 8.33, or 0.9%, to 927.23, while the Nasdaq composite index rose 5.84, or 0.3%, to 1,844.06.
After running the market up more than 30% since March on a litany of "less bad" economic data, investors had become more cautious about the pace of the economy's recovery in recent weeks and are looking for more concrete signs of growth.
With the quarter's end coming on Tuesday, some money managers were buying stocks bolster their returns. The S&P's 500 index is up 16.2% since the start of the April-June quarter.
"I think there might be a little bit of quarter-end of window dressing going on," said Robert Pavlik, chief market strategist at Banyan Partners LLC in New York.
He also said a jump in the price of crude oil was helping to support the overall market.
The Dow is up 30.3% from a 12-year low on March 9, though it has fallen 3.1% from a five-month high on June 12. The blue chips are now down only 2.8 % in 2009.
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