Investing.com – U.S. stocks closed higher on Monday, as risk-on sentiment returned, after a surge in tech and energy stocks, while a weaker than expected manufacturing print for May failed to weigh on sentiment.
All three major U.S. indexes ended the session in positive territory, despite data showing that manufacturing in New York state shrank for the first time in seven months in May.
The Federal Reserve Bank of New York said its Empire State manufacturing index fell last month to minus 1, from 5.2 in April, as new orders dipped and shipment grew more quickly.
The energy sector was one of the biggest gainers for the session, after crude futures surged more than 2% amid bullish comments concerning further production cuts from Saudi and Russian energy ministers.
On the New York Mercantile Exchange crude futures for June delivery gained 2.11% to settle at $48.85 a barrel.
Meanwhile, shares of Apple Inc (NASDAQ:AAPL) hit an all-time high, as part of a broader rally in tech stocks, which pushed the Nasdaq to close in record territory.
In other corporate news, Cisco Systems Inc (NASDAQ:CSCO) closed more than 2% higher amid the recent WannaCry ransomware cyberattacks in the UK.
On the political front, investors continued to monitor developments in North Korea, after the Kim Jong-un led nation, confirmed that it had carried out a missile test on Sunday.
The Dow Jones Industrial Average at 20,981.94, up 0.41%. The S&P 500 gained 0.40% while the Nasdaq Composite closed at 6149.67, up 0.20%
The ‘Bulls and Bears’ on Wall Street
The top Dow gainers included; Johnson & Johnson (NYSE:JNJ) up 2.7%, Cisco Systems Inc (NASDAQ:CSCO) up 2.3%, while Caterpillar Inc (NYSE:CAT) rose 1.7%.
Verizon Communications Inc (NYSE:VZ) down 1%, Nike Inc (NYSE:NKE) down 0.8% and Walt Disney Company (NYSE:DIS) down 0.5%, were among the worst Dow performers of the session.