Stocks climbed on Monday, while U.S. crude oil broke through the $70 a barrel mark for the first time since 2014 with concerns about Venezuela and Iran driving the commodity higher.
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The Dow Jones Industrial Average rallied 94.81 points, or 0.39%, to 24,357.32. The S&P 500 advanced 9.21 points, or 0.3%, to 2,672.63. The Nasdaq Composite was up 55.6 points, or 0.77%, at 7,265.21.
Apple shares hit another all-time high on Monday, continuing their rally after Warren Buffett said he would buy even more shares at the right price. Today’s advance marks the iPhone maker’s sixth day in a row of gains, the longest winning streak in just over eight months.
Apple led the technology sector higher during the session. Industrial and financial stocks also supported Monday's rally.
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Oil’s ascent comes as the ongoing economic crisis in Venezuela could further impact the country’s oil supplies. The other concern is an apparently imminent decision on whether the U.S. is going to walk away from the Iran nuclear deal. President Donald Trump said he will announce his decision on Tuesday afternoon, a development that led stocks to pare some of their gains late Monday.
“Iran and Venezuelan worries are front and center but also a booming economy that helped erase the record supply glut,” said Phil Flynn, senior energy analyst at the PRICE Futures Group. “Shale oil is helping keeping prices in check but they can’t raise production fast enough to make up for the loss of Iranian supply.”
“We should see $80 late in the year,” Flynn added.
West Texas Intermediate crude jumped 1.45% to $70.73 a barrel. Brent crude, the international benchmark, rose above $75 a barrel and posted fresh four-year highs.
Compared with last week, this week is quieter in terms of earnings and economic data.
The biggest economic report of the month has come and gone in the form of the April employment report.
The report missed the mark as 164,000 nonfarm jobs were added to payrolls, which fell short of what economists were expecting.
The headline showing unemployment falling below 4% may look good, but the reason behind the drop is that 236,000 people dropped out of the labor force.
FOX Business’ Ken Martin contributed to this article.