Stocks Closed Higher on Energy, Tech Share Rally

U.S. stocks surged to a rebound on Monday, following a three-week losing streak, supported by a jump in Apple shares and gains from energy stocks that were backed by stronger oil prices. The Dow Jones Industrial Average jumped 175.39 points, or 1.00%, to 17,710.71. The S&P 500 gained 20.05 points, or 0.98%, to 2,066.66. The Nasdaq Composite climbed 57.78 points, or 1.22%, to 4,775.46.

Oil futures rallied more than 3% on Monday after Goldman Sachs said that the market is now in a supply shortfall. June West Texas Intermediate crude rose $1.51, or 3.3%, to settle at $47.72 a barrel. Brent crude for July delivery gained $1.14, or 2.4%, to $48.97 a barrel.

ICBC Standard Bank PLC said on Monday it is buying a precious-metals vault from Barclays BCS 0.53 % PLC’s, in the latest move by the Chinese bank to increase its role in the market’s infrastructure.

Shares of Valeant Pharmaceuticals (VRX) rallied more than 6% Monday, following a Real Money report that activist short seller Andrew Left has reversed his investment tack on the beleagured drugmaker.

Delta Air Lines Inc on Monday said it will fly fewer seats this winter than it had planned and defer the 2018 delivery of four large aircraft, as extra flights by rivals threaten to depress its ticket prices.