Stocks rose on Monday after bullish comments from a Federal Reserve official eased concerns that high oil prices could hurt economic activity.

The Dow Jones industrial average <.DJI> was up 39.58 points, or 0.33 percent, at 12,170.03. The Standard & Poor's 500 Index <.SPX> was up 4.69 points, or 0.36 percent, at 1,324.57. The Nasdaq Composite Index <.IXIC> was up 10.83 points, or 0.39 percent, at 2,791.88.

James Bullard, president of the St. Louis Fed, said the economy should do well in 2011 and that oil prices are not currently a drag on the recovery.