(CNBC) — U.S. stocks closed more than 1 percent higher Monday, building on their best weekly gain of 2016, as oil prices climbed.
The Dow Jones industrial average closed up about 228 points to end within 10 percent of its 52-week intraday high, or out of correction territory.
Earlier, the index briefly gained 272 points to temporarily top its 50-day moving average as shares of United Technologies spiked more than 6.5 percent following a CNBC report that the Dow component and Honeywell held merger talks recently. Shares of United Technologies held more than 4.5 percent higher in the close to contribute about 28 points to the Dow.
Advertisement - story continues below
