(CNBC) — Stocks closed higher on Monday, with financials and materials leading, as investors digested economic data while looking for clues about the Federal Reserve's next move.
"I think the market is suggesting that the Fed isn't going to be able to raise rates," said Jeffrey Saut, chief investment strategist at Raymond James. "I think the real story is, even if they do raise rates, it will be because the economy is getting better."
The Dow Jones industrial average rose more than 100 points, with IBM, 3M and Travelers contributing the most gains. The S&P 500 gained 0.5 percent, with financials and materials rising nearly 1 percent.
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