Stocks Soar, Oil rebounds

U.S. stocks posted sharp gains on Monday as oil futures bounced off multi-month lows and a top Fed official said the central bank is still concerned about low inflation. The Dow Jones Industrial Average rose 241.79 points, or 1.39%, to close at 17,615.17. The S&P 500 finished up 26.61 points, or 1.28%, at 2,104.18. The Nasdaq Composite advanced 58.25 points, or 1.16%, to close at 5,101.80.

Economic conditions in the United States have largely returned to normal and a Federal Reserve decision to raise interest rates should come soon, Atlanta Fed President Dennis Lockhart said on Monday.

Oil futures put supply worries aside Monday, with the U.S. benchmark ending a three-day losing streak. West Texas Intermediate crude futures for September delivery rose $1.09, or 2.5%, to close at $44.96 a barrel.

Hamburger chain Shake Shack Inc (SHAK.N) on Monday reported better-than-expected quarterly profit and sales. Net income was $1.1 million, or 8 cents per share. Excluding items, Shake Shack earned 9 cents per share, on total revenue of $48.5 million.