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Stocks rebound, snapping losing streak

An American flag is draped on the exterior

An American flag is draped on the exterior of the New York Stock Exchange on July 6, 2015. Photo Credit: AP / Mark Lennihan

Stocks are closed more than 1 percent higher Monday, led by a surge in energy companies as the price of oil rose.

At the close on Wall Street, the Standard & Poor's 500 index rose 26.6 points, about 1.3 percent, to nearly 2,104.2. The Dow Jones industrial average gained 241.8 points, about 1.4 percent, to 17,615.2. The Nasdaq composite climbed 58.3 points, about 1.2 percent, to 5,101.8.

The price of benchmark U.S. crude was up $1.10 cents to $45.46 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 7 percent last week.

The Dow snapped its longest losing streak in four years. The gains were broad. Nine of the 10 industry sectors in the S&P 500 rose.

Chevron and Exxon Mobil had some of the biggest gains in the Dow Jones industrial average Monday.

Precision Castparts soared 19 percent after Berkshire Hathaway said it would buy the maker of industrial components for $32 billion.

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