U.S. stocks rose on Monday after President Barack Obama announced that Al Qaeda leader Osama bin Laden had been killed in a firefight with U.S. forces and as a spate of proposed deals cheered investors.
Crude oil fell 0.4 percent while Brent crude was off 0.6 percent but regained most of earlier losses, reflecting a perception that an easing of geopolitical tensions in the Middle East and elsewhere after bin Laden's death was only temporary.
Markets have been buffeted in recent months as unrest in the oil-producing Middle East region sparked concerns about the risk to supplies and the global economy.
This is a feel-good rally, but I don't think this will have too big of an economic impact, said Jerry Harris, president of asset management at Sterne Agee in Birmingham, Alabama.
This is good news that allows the market to move higher, but I think we were in a position to do that anyway on good corporate news, he said.
The Dow Jones industrial average <.DJI> was up 64.82 points, or 0.51 percent, at 12,875.36. The Standard & Poor's 500 Index <.SPX> was up 6.92 points, or 0.51 percent, at 1,370.53. The Nasdaq Composite Index <.IXIC> was up 13.27 points, or 0.46 percent, at 2,886.81.
On a day with a slew of deal news, Israel-based Teva Pharmaceuticals Industries Ltd
Separately, Community Health Systems Inc
U.S.-listed shares of Teva rose 2.7 percent to $46.96, while Cephalon gained 5 percent to $80.80.
Arch fell 0.3 percent to $34.20 and International Coal soared 30 percent to $14.39 and was the most actively traded stock on the New York Stock Exchange.
Community Health fell 0.5 percent to $30.59, and Tenet dropped 4.8 percent to $6.60.
In the latest economic data, construction spending rebounded in March, while the pace of U.S. manufacturing growth slowed in April for a second straight month.
In earnings news, Humana Inc's
(Editing by Jeffrey Benkoe)