New York (MarketWatch) — U.S. stocks closed higher on Monday, buoyed by strength in the health-care and bank sectors after data showed some improvement in the economy and Citigroup Inc. reported core earnings that topped analyst expectations.
The Dow Jones Industrial Average DJIA +0.72% climbed 95.38 points, or 0.7%, to 13,424.23, posting its second daily gain in a row, with 25 of its 30 components trading higher.
Shares of Bank of America Corp. BAC +3.51% led the index with a 3.5% gain, followed by Merck & Co. MRK +2.13% with a 2.1% gain. AT&T Inc. T -1.18% , which closed down 1.2%, was the biggest weight on the Dow 30.
Health-care stocks led gains in the S&P 500, with shares of Eli Lilly & Co. LLY +4.12% rallying 4.1%. The drugmaker released positive results for a late-stage study of a gastric cancer drug.
Leerink Swann also raised its rating on Lilly to outperform from market perform. Other positive moves in big pharma came from Abbott Laboratories ABT +4.00% , with shares closing up 4%, and Bristol-Myers Squibb Co. BMY +2.54% , with shares up 2.5%. Biotech giant Amgen Inc. AMGN +2.64% saw its shares close up 2.6%.
The S&P 500 Index SPX +0.81% rose 11.54 points, or 0.8%, to 1,440.13, with health care the best performing sector and telecom the worst.
For every one stock declining on the New York Stock Exchange two advanced. Volume on the exchange was just over 618 million shares by the close. Advancers also outnumbered decliners two to one on the Nasdaq.