Investing.com – Wall Street opened higher on Monday, as rising oil prices and record holiday sales helped the market.
The S&P 500 rose 25 points, or 0.97%, to 2,658.12 as of 9:30 AM ET (14:31 GMT), while the Dow rallied 199 points, or 0.82%, to 24,485.34 and the tech-heavy Nasdaq Composite was up 85 points, or 1.23% to 7,024.05.
The holiday sales rush continues into Cyber Monday, which is expected to generate $7.8 billion in sales, up nearly 18% from last year. Meanwhile Black Friday pulled in a record $6.2 billion in online sales, according to data compiled by Adobe (NASDAQ:ADBE) Analytics
Oil prices recovered from steep losses on Friday, helping boost energy stocks. Crude oil jumped 2.96% to $51.91 a barrel.
Exxon Mobil (NYSE:XOM) rose 1% and Chevron (NYSE:CVX) increased 0.60%.
Elsewhere, Apple (NASDAQ:AAPL) gained 0.54% as it heads to the U.S. Supreme Court on Monday over an antitrust case related to its App Store. Amazon.com (NASDAQ:AMZN) jumped 1.72% and Facebook (NASDAQ:FB) was up 1.20% amid reports that the UK parliament had seized internal documents in relation to data and privacy controls. Swiss company Logitech International (NASDAQ:LOGI) surged 2.75% after the company said it had ended negotiations to acquire headphone maker Plantronics (NYSE:PLT).
Meanwhile, semiconductor Micron (NASDAQ:MU) dipped 1.20%, while Netflix (NASDAQ:NFLX) fell 1.83%.
In commodities, gold futures rose 0.11% to $1,230.50 a troy ounce. The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.09% to 96.74.