Dow Flirts With Highest Near Since July

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Source:   —  April 19, 2016, at 0:47 AM

S. stocks closed higher Monday, with consumer discretionary and health care stocks among the top gainers, as oil prices pared most of their overnight losses.

U. south. stocks closed higher Monday, with consumer discretionary and health care stocks among the top gainers, as oil prices pared most of their overnight losses.

"I think the market'south up because of crude," said JJ Kinahan, chief strategist at TD Ameritrade.

All three major averages reversed an opening decline to keep higher, with the Dow Jones industrial average and south&P five hundred close their highest levels of the year so far.

The Dow added about one hundred points to briefly top the psychologically key 18.000 level for the first time in intraday trade since July twenty-one, two thousand fifteen. Walt Disney contributed the most to gains in the index, followed by Chevron and Residence Depot.

"It'south beautiful incredible we're back to the levels we're at," Kinahan said. "The encouraging thing to me is we're getting strength from somewhere different every day."

U. south. crude oil futures settled down fifty-eight cents, or one.4 percent, at $39.78 a barrel, after falling more than 6.5 % overnight after producers on Sun failed to reach an output freeze agreement at a meeting in Doha, Qatar.

Traders well-known some support for crude, at minimum in the brief term, from news that Kuwait significantly slice production due to an oil-worker strike.

Energy recovered an initial 1 % decline to briefly trade 1.5 % higher as the top S&P five hundred performer.

"I think a lot of people were brief some energy names going into Doha and they're scrambling to cover," said Jeremy Klein, chief market strategist at FBN Securities.

Health care and consumer discretionary were also among the top S&P performers as most sectors advanced in afternoon trade.

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