Stocks Closed Higher as Oil Prices Surged

U.S. stocks closed sharply higher on Monday, as surging oil prices supported previously battered energy shares. The Dow industrials rose 228.67 points, or 1.40%, to 16,620.66.The S&P 500 gained 27.72 points, or 1.45%, to 1,945.50. The Nasdaq Composite added 66.18 points, or 1.47%, to 4,570.61.

Oil futures rallied Monday as the March West Texas Intermediate contract expired and traders bet that crude production may soon show significant declines to help alleviate the global glut of supplies. March West Texas Intermediate crude settled at $31.48 a barrel, up $1.84, or 6.2%, on the New York Mercantile Exchange.

The United States economy continued a strong rebound last year, with unemployment falling by half since the depths of the 2008 recession, wages growing and consumer confidence at its highest point in a dozen years, the White House said on Monday.

Fitbit Inc. (FIT) posted outlooks for the current quarter and the full year that were significantly below Wall Street’s expectations. Fitbit reported its fourth-quarter earnings rose to $64.2 million, or 26 cents a share, from $39.2 million, or 19 cents a share, a year ago.