Stocks continued to rebound on Monday, driven largely by rising energy stocks that benefited from a sharp rise in the price of crude oil.
The Dow Jones industrial average closed at 12,684.68, up 45.94 points or 0.4 per cent. The broader S&P 500 closed at 1346.29, up 6.09 points or 0.5 per cent. In Canada, the S&P/TSX composite index closed at 13,677.13, up 110.53 points or 0.8 per cent.
Commodity producers led the gains at the Dow, after commodity prices rose. Gold rose to $1503.20 (U.S.) an ounce, up $11.60. But oil's was particularly strong, rising to $102.55 a barrel, up $5.37 after a sharp selloff last week.
Alcoa Inc. rose 2.2 per cent, DuPont rose 1.4 per cent and Chevron Corp. rose 1.2 per cent. Among Canadian energy stocks, the gains generally lagged oil, though: Canadian Oil Sands Ltd. rose 3.2 per cent, but Suncor Energy Inc. rose 0.9 per cent and Talisman Energy Inc. rose 0.8 per cent.
Meanwhile, Forzani Group Ltd. surged 49.1 per cent after Canadian Tire Corp. Ltd. agreed to buy the sporting goods retailer for $26.50 (Canadian) a share. Investors must have liked the deal, because they also sent the share price of Canadian Tire up 2.7 per cent.
McDonald's Corp. rose 0.8 per cent after it reported a 6 per cent gain in April sales at stores open for at least one year. However, Intel Corp. fell 2.1 per cent and Bank of America Corp. fell 1.1 per cent. Citigroup Inc. fell 2.3 per cent after its 10-for-1 reverse stock split went into affect.