Stocks Closed Higher, Dow Led Gains

U.S. stocks closed higher on Monday, recovering from Friday’s sharp decline as investors took a more positive outlook on the strong jobs report. The Dow Jones Industrial Average added 138.94 points, or 0.78%, to 17,995.72. The S&P 500 gained 8.17 points, or 0.39%, to 2,079.43.The Nasdaq Composite rose 15.07 points, or 0.31%, to 4,942.44.

Investors saw a June rate rise more likely after February’s nonfarm jobs report showed a gain of 295,000, above expectations of 240,000 in February, down from 257,000 in January. The unemployment rate fell to 5.5 percent, while hourly wages ticked up 0.1 percent, below consensus and off the surprise 0.5 percent gain in January.

Shares of Qualcomm Inc. (QCOM) climbed 1.6% in after-hours trade Monday, after the wireless technologies announced a significant increase to its capital return program, including $15 billion in share buybacks and a 14% increase to its dividend.

Crude-oil futures settled higher on Monday, with prices finding footing at $50 a barrel after steep declines late last week due to a stronger dollar and rising U.S. oil supplies.

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