Stocks Closed Higher on Fed Rate Hike Bets

U.S. stocks closed higher on Monday, led higher by financial stocks as investors warmed up to the possibility of a Federal Reserve rate hike this year. The Dow Jones Industrial Average gained 107.59 points, or 0.58%, to 18,502.99. The S&P 500 rose 11.34 points, or 0.52%, to 2,180.38. The Nasdaq Composite added 13.41 points, or 0.26%, to 5,232.33.

Oi futures fell Monday on growing expectations that the U.S. Federal Reserve could raise interest rates as early as next month and that a group of major crude producers may fail to come up with a pact to stabilize output. October West Texas Intermediate crude shed 66 cents, or 1.4%, to settle at $46.98 a barrel, while October Brent crude erased 66 cents, or 1.3%, to $49.26 a barrel.

Martin Shkreli has liquidated his stake in KaloBios Pharmaceuticals (KBIO) as the company and the controversial drug industry entrepreneur cut ties nine months after he led investors who gained control of the California-based firm.

Cash-and-stock deal was originally worth $23 billion. Snacking giant Mondelez has ended the company’s short-lived bid for chocolate giant Hershey, saying it had determined there was “no actionable path forward toward an agreement.