Stocks Ended Sharply Higher, S&P 500 Hit Record

U.S. stocks ended sharply higher on Monday, with the S&P 500 logged 31st closing record of 2017, led by financials and technology shares. The Dow Jones Industrial Average rose 259.58 points, or 1.19%, to 22,057.37. The S&P 500 advanced 26.68 points, or 1.08%, to 2,488.11. The Nasdaq Composite climbed 72.07 points, or 1.13%, to 6,432.26.

Oil prices finished higher Monday as investors assessed the impact of Hurricane Irma on energy demand in Florida and Hurricane Harvey’s extent of damage to oil refineries on the Gulf Coast. October West Texas Intermediate crude tacked on 59 cents, or 1.2%, to settle at $48.07 a barrel. November Brent crude inched up by 6 cents, or 0.1%, to finish at $53.84 a barrel.

Teva Pharmaceuticals Industries Ltd. (TEVA) said late Monday it is selling its Paragard IUD product to Cooper Cos. (COO) for $1.1 billion cash. Paraguard had sales of about $168 million for the 12 months ending June 30. The deal includes Teva’s plant in Buffalo, N.Y., which makes the Paragard. The deal is expected to close by the end of the year.

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