Dow Soars Triple Digits; Nasdaq at 14-year High

U.S. stocks finished with strong gains on Monday, helped by deal news and easing Ukraine-Russia tensions. The Dow Jones Industrial Average jumped 175.83 points, or 1.06%, to 16,838.74. The S&P 500 rose 16.68 points, or 0.85%, to 1,971.74. The Nasdaq Composite climbed 43.39 points, or 0.97%, to 4,508.31, scoring its highest close since March 2000.

U.S. Sen. Dick Durbin, D-Illinois, U.S. Rep. Cheri Bustos D-Illinois, Winnebago County Board Chairman Scott Christensen (R) and Rockford Mayor Larry Morrissey (I), have reached an agreement with the largest nationwide and third-largest global maintenance, repair and overhaul (MRO) provider, AAR, to build a new hangar facility on Chicago Rockford International Airport (RFD) grounds.

Urban Outfitters Inc. (URBN) on Monday reported a second-quarter profit of $67.5 million, or 49 cents share, compared with a profit of $76.4 million, or 51 cents a share, for the year-earlier period. Revenue rose to $811 million from $758.5 million.

Mortgage-finance giant Fannie Mae slashed its outlook on Monday for housing market this year and next, reasoning that too much momentum was lost during the first half of the year.

Oil futures dropped again Monday. On the New York Mercantile Exchange, light, sweet crude futures for  delivery in September fell 94 cents, or 0.9%, to close at $96.41 a barrel. October Brent crude on London’s ICE Futures exchange fell $1.93 to $101.60, its lowest finish in more than a year.