u.s. stocks rose as a fresh climb in oil prices boosted shares of energy companies. monday<u+2019>s gains came after russian president vladimir putin supported international efforts to limit oil supplies. analysts and investors said crude prices could be volatile this week, with energy companies and oil producers meeting in istanbul for the world petroleum congress amid hopes for an broad agreement to cut production. the dow jones industrial average rose 88.55 points, or 0.5%, to 18329.04. the s&p 500 climbed 9.92 points, or 0.5%, to 2163.66, and the nasdaq composite added 36.27 points, or 0.7%, to 5328.67. energy shares in the s&p 500 rose 1.5%, as u.s. crude prices climbed 3.1% to $51.35 a barrel, the highest closing value since july 2015. exxon mobil gained $1.70, or 2%, to $88.44. chevron added 1.71, or 1.7%, to 103.98. shares of mylan rose 2.93, or 8.2%, to 38.87 after the pharmaceuticals firm agreed to pay $465 million to settle allegations that it overcharged the government for its epipen products. the nasdaq biotechnology index rose 1.4%. roughly 5.1 billion shares changed hands, making monday the third-lowest volume day of the year due to holidays in japan, hong kong and canada, as well as columbus day in the u.s., with the bond market closed. wall street ended a touch lower friday following a slightly softer-than-expected monthly jobs report . still, the jobs figures ultimately did little to shift investors<u+2019> expectations for the course of u.s. interest-rate increases. u.s. federal reserve vice chairman stanley fischer said sunday that the most recent jobs report was <u+201c>solid, showing continued improvement<u+201d> and that the decision to hold rates steady in september was a <u+201c>close call.<u+201d> investors were also preparing for fresh insights into corporate earnings, with third-quarter reports expected this week from alcoa and big banks including j.p. morgan and wells fargo . companies in the s&p 500 are expected to report an earnings decline for the sixth consecutive quarter, according to analysts polled by factset. <u+201c>if we can somehow get to flat in earnings, that would be very supportive of equity markets in general,<u+201d> said jon adams, investment strategist at bmo global asset management. <u+201c>at some point, we need to see top-line growth to justify [current] valuations.<u+201d> stocks in europe recovered from an early fall in the banking sector to advance after three sessions of losses. the stoxx europe 600 rose 0.7%, with oil and gas stocks gaining 1.9%. the euro fell 0.6% against the dollar to $1.1140. investors in the region also continued to track negotiations between the u.k. and the european union. the british pound was down 0.6% against the dollar at $1.2362 after briefly falling as much as 6% in a few minutes in asian trading friday. european central bank president mario draghi on saturday said the u.k.<u+2019>s vote to leave the eu was very significant . <u+201c>to think that it won<u+2019>t have any consequence would be to hope for too much,<u+201d> he said. despite a recovery in the currency, investors said friday<u+2019>s steep fall highlighted continued concerns about the u.k.<u+2019>s vote to leave the eu and its implications for sterling. <u+201c>the u.k. in many ways is looking like a vulnerable emerging-market economy, with a huge current-account deficit and alarming political trends,<u+201d> said chris scicluna, head of economic research at daiwa capital markets europe. he expects the british currency to continue to decline sharply against the dollar in coming months. gold rose 0.7% to $1,257.50 an ounce. shanghai stocks gained 1.4% as chinese markets reopened from a week-long holiday and the chinese central bank set the yuan<u+2019>s reference exchange rate at a six-year low against the u.s. dollar. <u+2014>alison sider contributed to this article. write to riva gold at riva.gold@wsj.com and aaron kuriloff at aaron.kuriloff@wsj.com
u.s. stocks gain amid rising oil prices - wsj
riva gold aaron kuriloff