Major manufacturers and industrials, the quarter's top-performing sector, also fared well, with
But overall volume was light at the start of a holiday-shortened week that will cap
"It's kind of a slow day. The move today is being led by energy and materials, and we're seeing commodities markets bounce. That is helping to push things higher," said Mike O'Rourke, chief market strategist at brokerage BTIG LLC in New York.
Slippage in the dollar underpinned the advance in commodities as the dollar index (^DXY - News) slipped 0.5 percent as the euro strengthened on news of another successful bond sale by debt-laden Greece.
The Dow Jones industrial average (DJI:^DJI - News) rose 45.50 points, or 0.42 percent, to 10,895.86 -- it's highest close since
U.S. equity markets will be closed on Friday in observance of the Good Friday holiday.
After the bell there was more news on Apple as the Wall Street Journal reported that the company was developing a new
Apple shares rose more than 1 percent to $235.44 after the closing bell, while Verizon, a Dow component, jumped almost 4 percent to $31.62. Both could be active in Tuesday's session.
The Dow is up 4.5 percent for the quarter so far, down from gains of 7.4 percent in previous quarter, while the
Money managers typically scour the market for high fliers close to quarter-end to spruce up portfolios by selling laggards in a practice known as "window dressing."
"It's not a bad way to start a holiday-shortened week," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon. "What we're seeing is some quarter-end rebalancing by institutional portfolio managers."
In economic news, 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.
On Friday, the government will release its monthly non-farm payrolls report, which analysts expect will show a turnaround in new jobs added by the U.S. labor market in March.
About 7.49 billion shares traded on the
Advancing stocks on the
(Additional reporting by Caroline Valetkevitch; editing by Kenneth Barry)
- New iPhone Could End AT&T's U.S. Monopoly - at The Wall Street Journal Online
- Push to Talk Transforms BlackBerry Tour From Verizon Wireless Into a Powerful Business Communications Tool for Field Workforces - PR Newswire
- Tests for Dreamliner going slower than expected - Reuters
- Apple may be working on iPhone for Verizon: report - Reuters
- Dow Gains 45.50 as Energy Stocks Rise - at The Wall Street Journal Online