Investing.com -- U.S. stocks moved broadly higher amid optimistic housing data, as investors await the release of the Federal Open Market Committee's minutes from its July meeting on Wednesday for further indications on the timing of its first short-term interest hike in nearly a decade.
The Dow Jones Industrial Average and the NASDAD Composite index posted steady gains in spite of losses among energy stocks, while the S&P 500 Composite index also moved slightly higher on a bullish day for the major indices. The Dow gained 67.78 or 0.39% to 17,545.18, extending its winning streak to three. At one point on Monday, the Dow fell as much as 135 points after the Empire State Manufacturing Index dropped to its lowest level since April, 2009. The NASDAQ, meanwhile, also reversed earlier losses in the morning session to close at 5,091.70, up 43.46 or 0.86% on the day.
The S&P 500 added 10.90 or 0.52% to 2,102.44, as nine of 10 sectors closed in the green. Stocks in the Health Care, Consumer Services and Basic Materials led, each gaining more than 0.65% on the session.
Shares in Zulily Inc A (NASDAQ:ZU) shot up more than 45%, after the Seattle-based e-commerce site was acquired by Liberty Interactive Corp A (NASDAQ:QVCA) on Monday in a deal reportedly valued at $2.4 billion. Liberty Interactive, the parent company of the QVC home shopping network, fell 0.47 or 1.54% to 29.80. Shares in the Colorado-based media conglomerate are still up by more than 28% this year.
The top performer on the Dow was UnitedHealth Group Incorporated (NYSE:UNH), which gained 2.86 or 2.36% to 123.88. The worst performer was Chevron Corporation (NYSE:CVX), which lost 2.77 or 3.22% to 83.72. U.S. crude futures dipped below $42 a barrel on Monday, touching down to fresh six-year lows.
The biggest gainer on the NASDAQ was Tesla Motors Inc (NASDAQ:TSLA), which surged 11.49 or 4.73% to 254.64. Tesla shares jumped on Monday after an analyst from Morgan Stanley (NYSE:MS) said it might nearly double in value over the next several years if it develops an on-demand mobile service that could enable the self-driving car to compete with Uber in the ride-sharing market. Liberty Interactive a ended Monday's session as the worst performer on the NASDAQ.
The top performer on the S&P 500 was Williams Companies Inc (NYSE:WMB), which added 2.67 or 5.11% to 54.90 amid continued speculation that it could be acquired by Houston-based Spectra Energy Corp (NYSE:SE). before the end of the month. The worst performer was Estee Lauder Companies Inc (NYSE:EL), after the New York-based cosmetics company posted worse than expected net sales for its fourth quarter which ended in late-June. Shares in Estee Lauder fell 5.76 or 6.49% to 83.06.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 1,919 to 1,216 margin.