Investing.com -- U.S. stocks rose sharply on Monday, as the Dow Jones Industrial Average eclipsed 18,000 for the first time since late-July, following an unexpected recovery in oil prices and strong upward moves by Walt Disney Company (NYSE:DIS) and Hasbro Inc (NASDAQ:HAS).
The major indices quickly erased early losses in Monday's session after crude futures pared 5% losses from overnight, Asian trading. It came after a summit of 18 major oil producers in Qatar ended abruptly when officials from Saudi Arabia demanded that Iran join the group in capping output at January levels. With the collapse in high-level negotiations, analysts have expressed concerns that crude prices will remain low until OPEC meets next in early-June.
The Dow added 106.70 or 0.60% to 18,004.16, while the S&P 500 Composite index gained 13.61 or 0.65% to 2,094.34, as both indices soared to fresh 2016-yearly highs. On the S&P 500, all 10 sectors closed in the green as stocks in the Energy, Health Care and Financials industries led. Following the surprising rally in oil prices, energy stocks soared more than 1.3% on the day. The NASDAQ Composite index, meanwhile, jumped 21.80 or 0.44% to 4,960.02, following gains among media and pharmaceutical stocks.
The top performer on the Dow was Walt Disney Company (NYSE:DIS), which gained 2.89 or 2.93% to 101.48. It came as analysts from Pivotal increased Disney's rating to a Buy from Hold, amid strong expectations with the opening of Shanghai Disney later this summer. In addition, Disney shares jumped on Monday following a stellar opening weekend for the company's The Jungle Book movie. The worst performer was Apple Inc (NASDAQ:AAPL), which slumped 2.37 or 2.16% to 107.48, ahead of the release of its quarterly earnings next week. Earlier, Apple (NASDAQ:AAPL) officials disclosed that its revenues last quarter could suffer as much as a 400 basis point hit on the period due to currency fluctuations.
The biggest gainer on the NASDAQ was DISH Network Corporation (NASDAQ:DISH), which added 1.87 or 4.19% to 46.50. Dish finished just above Regeneron Pharmaceuticals Inc (NASDAQ:REGN), which gained 15.65 or 3.85% to 422.38. Shares in Regeneron are up nearly 7% since the pharmaceutical giant announced an agreement with Intellia Therapeutics early last week aimed at enhancing its gene-editing technology in vivo therapeutic development. The worst performer was Netflix Inc (NASDAQ:NFLX), which fell 3.11 or 2.79% to 108.40, ahead of its release of quarterly earnings after the bell. Investors also reacted to reports that AMZN will offer content through its Prime video service as a standalone option for $9.99 per month. The expansion of the service by one of Netflix (NASDAQ:NFLX)'s chief rivals could pose a significant threat to its control of the market.
The top performer on the S&P 500 was Endo International, which gained 2.18 or 8.28% to 28.51. Earlier, analysts at Deutsche Bank (DE:DBKGn) trimmed the specialty drug maker's price target, while describing the Pennsylvania-based manufacturer stock "as undervalued." Endo finished just above Hasbro, which surged more than 6% to 87.39 after posting strong first quarter sales amid robust demand for Star Wars, Frozen and Disney Princess toys. The worst performer was Williams Companies Inc (NYSE:WMB), which lost 0.76 or 4.33% to 16.79. Shares in the Tulsa, Oklahoma-based oil and gas company are down more than 60% over the last year.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 2,231 to 852 margin.