The Nasdaq Composite closed at 7,266.90 for a gain of 1.69 points or 0.02%.
Shares of Exxon (XOM.N) rose 1.1 percent in premarket trading, while Chevron (CVX.N) was up 0.7 percent.
At 11:20 a.m. ET, the Dow Jones Industrial Average was up 194.04 points, or 0.80 percent, at 24,456.55, the S&P 500 was up 15.70 points, or 0.59 percent, at 2,679.12 and the Nasdaq Composite was up 68.58 points, or 0.95 percent, at 7,278.20.
“Pre-market activity suggests a higher opening as WTI crude prices top $70 per barrel and Nestle-Starbuck deal offers a renewed enthusiasm”, Peter Cardillo, chief market economist at Spartan Capital Securities in NY, wrote in a note.
Major U.S. stock indexes ended up more than 1 percent on Friday after weaker-than-expected U.S. wage growth numbers calmed investor fears about rising interest rates and inflation. Apple gained 1 percent on Monday.
The yield on the 10-year Treasury rose to 2.98 percent. Range Resources rose 3.7 percent to $14.12.
“Rising oil prices are really helping a part of the market that’s lagged dramatically”, said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.
USA corporates have performed strongly in the first quarter, with almost 80 per cent of the 400 S&P 500 companies that have reported so far topping profit estimates, according to Thomson Reuters I/B/E/S. Financial sector stocks also racked up solid gains.
Crude’s rise lifted energy stocks, as the Energy Select Sector SPDR Fund (XLE) climbed 2 percent. Morgan Stanley added 1.9 percent to $52.39.
After a couple of weeks of choppy trading, the market got a strong boost Friday from government data showing hiring continued at a solid clip in April, the latest evidence that the USA economy remains resilient despite some jitters about a possible trade war.
“The market doesn’t seem quite as skeptical about the future prospects as maybe it was a couple of weeks ago”, Davidson said.
Cognizant Technology Solutions Corp.’s stock sank 5.3% after it provided an outlook that was below expectations.
STRONG BREW: Starbucks rose 0.2 percent to $57.80 after Nestle paid $7.15 billion for the rights to sell the company’s coffee products around the world. Nestle gained 1.4 percent to $77.35.