(CNBC) — U.S. stocks closed more than 1 percent higher on Monday, with the Dow breaking a 7-day losing streak, as a recovery in oil prices and a Warren Buffett acquisition boosted investor sentiment.
The Dow Jones industrial average and S&P 500 had their best day since May 8, with the latter recovering all its losses from last week's rout.
"I don't think this is anything more than just a little bounce," said Peter Boockvar, chief market analyst at The Lindsey Group. He noted some relief on the rebound in oil prices and gains in European and Chinese markets.
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However, he noted that oil remains near lows. "To use commodities rallying as an excuse to buy stocks is very sketchy on a day-to-day basis," he said.