Stocks Closed Up in Late-day Rally

U.S. stocks turned around early session losses to close higher on Monday despite concerns about growth and China’s housing market. The Dow Jones Industrial Average closed up 38.16 points, or 0.27%, to 14,127.82. The S&P 500 Index rose 7.00 points, or 0.46%, to close at 1,525.20. The Nasdaq Composite Index advanced 12.29 points, or 0.39%, to close at 3,182.03.

President Barack Obama announced his nominees to lead a new U.S. push to tackle climate change on Monday, choosing an air quality expert to run the Environmental Protection Agency and a nuclear physicist to head the Department of Energy.

Republicans controlling the House moved Monday to give the Pentagon more money for military readiness while easing the pain felt by such agencies as the FBI and the Border Patrol from the across-the-board spending cuts that are just starting to take effect.

Toyota Motor Corp will turn a profit in its European automotive business during the current fiscal year for the first time since 2007, a feat the company expects to repeat in fiscal 2013 as new models help seize market share from rivals.

U.S. oil futures fell below $90 a barrel for the first time this year on Monday. U.S. crude for April delivery fell 95 cents to $89.73 per barrel at 12:25 p.m. in New York (1725 GMT). U.S. crude has fallen around $8 per barrel over the last month. Brent fell 38 cents to $110.02.