(CNBC) — U.S. stocks advanced on Monday, with the Dow industrials coming back from a triple-digit deficit, as an upbeat read of the U.S. services sector countered concern about conflict in Ukraine and growth in China.
“We got the drop down as a reaction to a weaker overseas, but then ISM for non-manufacturing came out and investors decided things aren’t that bad, that we’re not heading into a recession, so maybe it’s okay to buy stocks,” said Paul Nolte, SVP and portfolio manager at Kingsview Asset Management in Chicago.
Pfizer, the pharmaceutical company that has been attempting to acquire Britain’s AstraZeneca, declined after posting earnings that missed estimates. JPMorgan Chase also fell after the bank said late Friday it expects second-quarter revenue from bond and equity trading to drop by about 20 percent from a year ago.Target fell after news Chief Executive and Chairman Gregg Steinhafel would depart the discount retailer in the aftermath of the massive data breach late last year.
