Stocks Ended Higher after Economic Data

U.S. stocks closed higher on Monday, after data showed slow-but-steady economic growth unfolding in the U.S. The Dow Jones Industrial Average gained 117.52 points, or 0.66%, to 17,891.16. The S&P 500 climbed 16.13 points, or 0.78%, to 2,081.43. The Nasdaq advanced 42.24 points, or 0.88%, to 4,817.59.

U.S. manufacturers barely grew in April and there’s little sign of a broad pickup in business anytime soon.The Institute for Supply Management said its manufacturing index fell to 50.8% last month from 51.8% in March.

Construction spending rose in March, thanks to a jump in residential building. Construction spending edged up in March thanks to a 1.5% gain in residential construction spending. That offset a 0.4% decline in nonresidential spending.

Oil prices fell about 3 percent on Monday. Brent’s new front-month contract settled down $1.54, or 3.3 percent, at $45.83 per barrel. WTI closed down $1.14 cents, or 2.5 percent, at $44.78 a barrel.

Arlington-based energy analytics company Opower said Monday that it has struck a $532 million deal to sell itself to computing behemoth Oracle. The deal, slated to close later this year, valued Opower’s shares at a 30 percent premium on Friday’s close.

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