Stocks posted moderate gains in a quiet trading day Monday, recovering part of their losses sustained late last week. Energy stocks continued to be a drag on the market, as the price of oil fell once again.
The Dow Jones industrial average rose 123.07 points to 17,251.62. The Standard & Poor’s 500 index rose 0.78 percent to 2,021.15 and the Nasdaq composite rose 0.93 percent to 4,968.92
Investors are still working through the market impact of the Federal Reserve’s decision last week to raise interest rates for the first time in nearly a decade. Markets rose in response to the Fed’s finally ending the uncertainty around its decision last Wednesday, but then fell sharply later in the week when traders sold shares to book profits. The Dow dropped 2.1 percent Friday.
Monday’s buying was partly a recovery from last week’s drop, a common response to a sharp sell-off.
Crude oil continued to decline, however, nearing levels not seen since the financial crisis. Crude oil for February futures fell 25 cents, or 0.7 percent, to $35.81 a barrel. Brent crude, which is used to price international oils, was down 53 cents, or 1.4 percent, to $36.35 a barrel. — AP