Dow climbs 180 factors at the start of the week, power shares lead after oil crossed $ 81
US stocks rose higher earlier in the week on Monday as oil prices skyrocketed and energy stocks rose.
The Dow Jones Industrial Average rose 180 points, or 0.5%. The S&P 500 rose 0.5%. The Nasdaq Composite added 0.6%.
Energy stocks rose as WTI crude topped $ 82 a barrel before retreating from daily highs. The US oil benchmark was still up nearly 2% to $ 81.
The oil stocks Halliburton, Schlumberger, Hess and Diamondback Energy were among the top winners of the S&P 500.
The US bond market is closed on Monday for Columbus Day.
This week the big banks will publish their earnings reports for the third quarter. JPMorgan launches Wednesday, with Goldman Sachs, Bank of America, Morgan Stanley, Wells Fargo and Citigroup to follow later in the week. Reports from Delta Airlines and Walgreens Boots Alliance are also on board.
Analysts estimate earnings growth for the S&P 500 in the third quarter of 27.6%, which would be the third-highest growth rate since 2010.
After losing 4.8% in September, the S&P 500 is now up about 2% for the month of October and is about 3% below its record.