Drug and hospital companies led stocks higher Monday after House lawmakers ended months of uncertainty and approved the health care overhaul bill.
Investors had expected the health care bill would pass the House, but the approval late Sunday removed some of the anxiety that has dogged stocks of hospitals and drugmakers. A bill with changes made by the House now goes back to the Senate for approval.
Hospital operator Tenet Healthcare Corp. rose 9 percent, while insurer UnitedHealth Group Inc. fell 3.2 percent.
"You've got some uncertainty here lifted," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.
The Dow rose 43.91 points, or 0.4 percent, to 10,785.89. It has risen 14 of the past 17 trading days and stands at its highest level since October 2008.
The Standard & Poor's 500 index rose 5.91, or 0.5 percent, to 1,165.81. The Nasdaq composite index rose 20.99, or 0.9 percent, to 2,395.40. It closed at a new high for the year and is at its best level since August 2008.
Bond prices rose, pushing down yields. The yield on the benchmark 10-year Treasury note fell to 3.66 percent from 3.70 percent late Friday. - AP