Stocks Closed Higher on Strong Economy

U.S. stocks closed higher on Monday extending a rally from Friday when a better-than-forecast jobs report brightened the economic outlook. The Dow Jones Industrial Average gained 80.19 points, or 0.44%, to 18,226.93. The S&P 500 rose 7.26 points, or 0.34%, to 2,137.16. The Nasdaq Composite advanced 31.88 points, or 0.64%, to 4,988.64.

Aluminum giant Alcoa reported second-quarter earnings and revenues that declined year-on-year but beat analysts’ expectations. The company reported $0.15 in adjusted earnings per share (EPS) and revenues of $5.30 billion.

Oil futures settled at their lowest level in two months on Monday after a survey revealed that crude production from members of the Organization of the Petroleum Exporting Countries has climbed to a nearly eight-year high. August West Texas Intermediate crude lost 65 cents, or 1.4%, to settle at $44.76 a barrel. The September contract for global benchmark Brent crude fell 51 cents, or 1.1%, to finish at $46.25 a barrel.

Senior U.S. Department of Justice officials overruled internal recommendations to prosecute global bank HSBC Holdings Plc for money laundering violations because of concerns about the stability of the financial system, a congressional report released on Monday said.

The Securities and Exchange Commission is reportedly investigating Tesla for possible securities law violation in connection to the failure to disclose a fatal crash involving one of the company’s Autopilot equipped cars to investors, according to a tweet from CNBC citing Dow Jones.