U.S. stocks rose for a second day, overcoming weakness in oil prices as beaten-down banks and retailers led an advance.
Citigroup Inc. and U.S. Bancorp climbed more than up 2.7 percent. Retailers, one of last week’s bright spots, added to their longest rally in three months with Amazon.com Inc. and Home Depot Inc. rising at least 1.5 percent. ADT Corp. soared 50 percent after agreeing to be acquired by Apollo Global Management LLC for about $6.9 billion. Community Health Systems plunged 27 percent after reporting an unexpected quarterly loss.
The Standard & Poor’s 500 Index increased 1.3 percent to 1,888.47 at 12:18 p.m. in New York, following its biggest rally in two weeks on Friday. The Dow Jones Industrial Average climbed 164.36 points, or 1 percent, to 16,138.20. The Nasdaq Composite Index added 1.7 percent. Trading in S&P 500 shares was 8 percent below the 30-day average for this time of day.
West Texas Intermediate crude futures fell 1.2 percent, paring an earlier 2.5 percent slide. The world’s two largest crude producers — Saudi Arabia and Russia — said they would hold output at January levels. Oil struggled to rally amid speculation that the production freeze would do little to reduce the glut of crude.