U.S. stocks rose Monday as crude oil jumped to its highest price in more than a year and energy companies climbed with it. Investors also reacted to the latest twists in the presidential race.
Apple reached its highest price of the year and led tech stocks higher after new reports of fires affecting Samsung's Galaxy Note 7 phone, which competes with Apple's iPhone.
Steve Chiavarone, an associated portfolio manager for Federated Investors, said a tumultuous weekend for Republican candidate Donald Trump contributed to the market's gains. He said investors mostly expect Democratic candidate Hillary Clinton to win, and that they are concerned about the effect Trump's trade proposals would have on the market and the economy.
"What you're seeing in the market is a cheering of the status quo," he said. In his view, that's because investors understand Clinton's views and what her administration might look like even though they may disagree with her on issues such as tax policy.
The Dow Jones industrial average climbed 88.55 points, or 0.4%, to 18,329.04. The index had been up as much as 159 points earlier in the day. The Standard & Poor's 500 index rose 9.92 points, or 0.5%, to 2,163.66. The Nasdaq composite advanced 36.27 points, or 0.7%, to 5,328.67.
Russian President Vladimir Putin said Monday that Russia supports OPEC's efforts to cut oil production. In late September the nations of OPEC announced a preliminary agreement to trim oil production, but Russia, a major energy producer, is not a member of OPEC.
Benchmark U.S. crude rose 3.1% to $51.35 a barrel. That was its highest closing price since July 2015. Brent crude, used to price international oils, rose 2.3% to $53.14 a barrel. Exxon Mobil shares climbed 2% to $88.44 and Devon Energy shares jumped 3.7% to $44.39.
Apple climbed 1.7% to $116.05 on investors' hopes that the company will be able to sell more iPhones as competitor Samsung faces new problems with its Galaxy Note 7. Samsung said it has changed its production of the phones following reports that some of its replacement phones are overheating and catching fire, just as the original version of the phone did before Samsung recalled it last month. Samsung did not confirm or deny a report from a Korean news agency that it suspended production of the Note 7 phone.
Twitter continued to fall, sinking 11.5% to $17.56, as investors grew less optimistic that the company will be sold.
Mylan jumped 8.2% to $38.87. On Friday the drugmaker agreed to pay $465 million to settle allegations it overcharged the Medicaid program for its EpiPen allergy shot. Legislators and federal health authorities had said Mylan wrongly classified EpiPen as a generic drug instead of a brand-name one, which meant Mylan paid lower rebates to federal and state Medicaid programs. The stock is down 20% since late August.
Bristol-Myers Squibb plunged again, falling 10.1% to $49.81, after the company reported more data from a study of its drug Opdivo in lung cancer patients. Rival Merck rose 1.8% to $63.90 as investors were pleased with results from a study of its cancer treatment Keytruda. Bristol-Myers stock has dropped 34% since the company announced initial results from its Opdivo trial in early August, sending the price to almost two-year lows. Merck is up 10% over the same time.
The Mexican peso grew stronger after Trump's calamitous weekend. Trump has criticized Mexico and its trade agreements with the United States, so the peso has become something of an indicator of how investors feel about the election. The currency has tended to weaken when investors feel Trump is doing better and gets stronger when investors feel more confident in Clinton's chances. The United States buys about 80% of Mexico's exports, giving it a big influence on the Mexican economy.
After the peso's surge Monday, one U.S. dollar bought just 18.92 pesos, versus the 19.26 pesos it bought Friday. The peso has weakened sharply this year but is currently the strongest it's been in about a month.
Manufacturer Dover fell 7.7% to $66.69 after it forecast a smaller profit and a bigger decline in revenue because of weaker spending in several industries and production problems in its retail refrigeration unit. The company also said its purchase of British company Wayne Fueling Systems won't close until early next year because regulators in Britain are still reviewing the deal.
Gold rose $8.50 to $1,260.40 an ounce. Silver added 28 cents to $17.66 an ounce. Copper picked up 3 cents to $2.20 a pound.
In other energy trading, wholesale gasoline rose 2 cents to $1.50 a gallon. Heating oil rose 3 cents to $1.61 a gallon. Natural gas gained 8 cents, or 2.6%, to $3.28 per 1,000 cubic feet.
Germany's DAX rose 1.3% and the CAC-40 in France was 1.1% higher. The FTSE 100 in London rose 0.8%. The Kospi in South Korea rose 0.1%. Japan's markets were closed for a holiday.
The dollar rose to 103.68 yen from 103.06 yen Friday. The euro fell to $1.1139 from $1.1182, and the British pound fell to $1.2351 from $1.2435. Bond trading was closed for the Columbus Day holiday.
3:25 p.m.: This article was updated with closing prices, analysis and additional information.
1:30 p.m.: This article was updated with the close of markets.