(CNBC) — U.S. stocks closed higher Monday, recovering slightly from a sharp sell-off last week, as investors eyed oil prices in the shortened holiday week.
"This time of the year is notorious for rallying. You might get some squaring of positions here that has little to do with oil prices," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. "With slippage again in oil prices, investors are looking through that a little bit and not taking it as a sign of global economic (weakness). ... It may be a one-day wonder."
The Dow Jones industrial average ended about 120 points higher. Earlier, the index briefly dipped into negative territory, following a rise of nearly 144 points in the open. Goldman Sachs contributed the most to gains, while Chevron and Exxon Mobil were among the few decliners.
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