New York : US stocks reversed early losses to end higher on Monday, as investors shook off worries over oil producers’ failure to agree on an output freeze in Doha during the weekend.
The Dow Jones Industrial Average finished above the round-number mark of 18,000 points for the first time since July 20, 2015, Xinhua reported.
At the close, the Dow rose 106.70 points, or 0.60 percent, to 18,004.16. The S&P 500 added 13.61 points, or 0.65 percent, to 2, 094.34. The Nasdaq Composite Index gained 21.80 points, or 0.44 percent, to 4,960.02.
The world’s key oil producing countries failed to deliver any concrete agreement to freeze production at the end of their ministerial meeting in Doha, Qatar, Sunday amid disagreements on the wording of the agreement.
Qatari Oil Minister Mohammed bin Saleh al-Sada said at a press conference that “the meeting reached a result which we all need more time for more consultations and talks.”
Oil prices shaved most of early losses to end mildly lower Monday.
In corporate news, shares of Pepsico, Inc. edged down 0.05 percent to 103.72 U.S. dollars apiece Monday, after the snack and beverage giant delivered quarterly earnings above estimates and revenues in line with expectations.
On the economic front, builder confidence in the market for newly-built single-family homes remained unchanged in April at a level of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index.
Overseas, European equities also ticked up Monday despite failed Doha deal. German benchmark DAX index at Frankfurt Stock Exchange added 0.68 percent, while British benchmark FTSE 100 Index inched up 0.15 percent.
Asian stocks suffered big losses Monday after Doha news. Chinese benchmark Shanghai Composite Index tumbled 1.44 percent, while Japanese 225-issue Nikkei Stock Average plummeted 3.40 percent on concerns over the economic impacts of the recent earthquakes in Japan’s southwest.