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Recovery in oil prices, strong results from Exxon Mobil send investors back to energy stocks

NEW YORK, N.Y. – A late rally led by energy companies pushed U.S. stock indexes to a higher close.

Better-than-expected earnings from Exxon Mobil and a recovery in the price of oil brought investors back into energy stocks Monday.

The gains were broad. All 10 industry sectors in the Standard and Poor’s 500 index rose.

The Dow Jones industrial average jumped 196 points, or 1.1 per cent, to 17,361.

The S&P 500 index rose 25 points, or 1.3 per cent, to 2,020. The Nasdaq composite rose 41 points, or 0.9 per cent, to 4,676.

The price of oil rose for the third day in a row. Benchmark U.S. crude rose $1.33 to close at $49.57 a barrel in New York, its highest level in nearly a month.