Dow Industrials Closed above 18,000

U.S. stocks closed higher on Monday as Wall Street shrugged off a drop in crude futures. The Dow Jones Industrial Average rose 106.70 points, or 0.60%, to 18,004.16. The S&P 500 gained 13.61 points, or 0.65%, to 2,094.34. The Nasdaq Composite rose 21.80 points, or 0.44%, to 4,960.02,

Oil prices have dropped sharply after a meeting of oil producers failed to agree an output freeze. May West Texas Intermediate crude settled at $39.78 a barrel, down 58 cents, or 1.4%. June Brent crude also pared much of its losses to finish down 19 cents, or 0.4%, at $42.91 a barrel.

Netflix reported earnings of 6 cents per share — a beat — but missed on revenue targets with $1.96 billion in revenue.The company now has 81.5 million subscribers.

IBM (IBM) today announced first-quarter 2016 earnings results. IBM reported its first-quarter earnings slid to $2.01 billion, or $2.09 a share, from $2.33 billion, or $2.35 a share, a year earlier. Revenue declined to $18.68 billion versus $19.59 billion.

Southern California home prices jumped 5.6% in March from a year earlier, as buyers fought over a meager supply of homes for sale and bid up values.

The retailer joins Walmart’s, Penney’s and Macy’s ranks. Nordstrom JWN said on Monday it would cut up to 400 corporate jobs, becoming the latest company to slash jobs in order to be more agile in a tough retail environment.