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Oil price rebound helps to lift stock market

Stocks hit a gusher Monday as the recent slide in crude prices reversed course.

Markets Open After Rocky Week To New Earnings Reports And Falling Oil Prices

Stocks made big gains on Monday with some help from an unlikely source these days: the energy industry.

Oil prices, which have cratered by around 50% over the past six months, reversed course with a modest increase. The rebound helped to lift stocks across the board by signaling a possible bottom in the recent slide in the oil patch.

The Dow Jones Industrial Average rose 196 points, or 1.1%, to 17,361. The S&P 500 gained 25 points, or 1.3%, to 2,020. The Nasdaq Composite Index rose 41 points, or 0.9%, for 4,676 total.

Shares of Exxon Mobil, which reported lower profits Monday, but managed to beat Wall Street expectations, rose 2.5% (XOM). Shares of Chevron (CVX) gained 3.4%.

Other companies to post increases Monday included Verizon (VZ), which was up 2.8%; Microsoft (MSFT), which rose 2.2%; Goldman Sachs (GS), which gained 1.8%; and General Electric (GE), which jumped 1.34%.

Crude oil futures gained 2.8% Monday to $49.57 a barrel after rising another 8.3% increase Friday. The S&P 500 Energy Index kicked off the week Monday by adding 1.7%.

Correction: An early version of this story incorrectly said the Dow Jones Index gained 96 points Monday. In fact, it rose 196 points.