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.
Oil rose after Russia’s government said it supports efforts by OPEC to cut oil production. 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. Early in the day stocks were on track for far larger gains.
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 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.
The Dow Jones industrial average picked up 88.55 points, or 0.4 percent, to 18,329.04. The Standard & Poor’s 500 index rose 9.92 points, or 0.5 percent, to 2,163.66. The Nasdaq composite added 36.27 points, or 0.7 percent, to 5,328.67.
Bond trading was closed for the Columbus Day holiday.