Wall Street advanced on Monday as major energy companies shares jumped with the price of oil and investors snapped up top performers ahead of the first quarter's end.
The S&P energy index <.GSPE> gained 1.8 percent as oil futures surged 3 percent to $82.38 a barrel, while materials shares also rose. U.S. Steel Corp
Investors also picked up shares in the industrials sector -- the quarter's top performer so far, with increases of 13 percent on the S&P industrials <.GSPI> for the quarter to date. Shares of heavy equipment maker Caterpillar Inc
What we're seeing is some quarter-end rebalancing by institutional portfolio managers, said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon. It's not a bad way to start a holiday-shortened week.
Portfolio managers typically scout out recent best performers as the quarter end approaches in a practice known as window dressing.
The Dow Jones industrial average <.DJI> was up 50.86 points, or 0.47 percent, at 10,901.22. The Standard & Poor's 500 Index <.SPX> rose 6.82 points, or 0.58 percent, at 1,173.41. The Nasdaq Composite Index <.IXIC> gained 12.82 points, or 0.54 percent, at 2,407.95.
U.S. consumer spending rose as expected in February for a fifth straight month, while stagnant incomes pushed savings to their lowest level since October 2008, the government said.
The market will be closed on Good Friday, but the Labor Department is still expected to issue its key monthly payrolls report.
Helping the market, debt-stricken Greece launched a sovereign bond issue, easing worries about its problems.
On the down side, Citigroup Inc
On the Nasdaq, Apple Inc
(Additional reporting by Angela Moon; editing by Jeffrey Benkoe)