U.S. stocks close modestly higher, adding to gains from last week

U.S. stocks closed modestly higher Monday, extending the market’s gains from last week.

Technology companies and banks accounted for much of the latest gains, outweighing losses among beverage makers and other consumer goods companies.

Energy stocks got a boost from U.S. crude oil prices, which closed above $70 a barrel for the first time since November 2014.

“Geopolitical risk has cooled a little bit and economic data, even if it isn’t accelerating as fast as it was a month ago, is still accelerating,” said Karyn Cavanaugh, senior markets strategist at Voya Investment Management. “The last couple of days are showing that investors are getting their sea legs back.”

The S&P 500 index rose 9.21 points, or 0.3 percent, to 2,672.63. The Dow Jones industrial average gained 94.81 points, or 0.4 percent, to 24,357.32. The Nasdaq added 55.60 points, or 0.8 percent, to 7,265.21. The Russell 2000 index of smaller-company stocks picked up 13.34 points, or 0.9 percent, to 1,578.95.

Trading got off to a solid start early Monday, as investors weighed the big move in energy futures.

Crude oil prices have been rising as investors weigh heightened geopolitical risks in the Middle East, a push by OPEC to slash oil production and strong worldwide demand amid a global economic expansion.

On Monday, oil futures climbed to their highest level since November 2014 as a May 12 deadline approached for the U.S. to decide whether to remain in the nuclear agreement with Iran.

Benchmark U.S. crude rose $1.01, or 1.4 percent, to settle at $70.73 a barrel in New York. Brent crude, the international standard, gained $1.30, or 1.7 percent, to close at $76.17 a barrel in London.

The pickup in oil prices helped lift energy company shares. Range Resources rose 3.7 percent to $14.12.

“Concern about Iran has oil up, taking energy stocks up and helping out the whole market,” said Erik Davidson, chief investment officer at Wells Fargo Private Bank.

Technology companies accounted for a big slice of the S&P 500’s gains. Nvidia led the sector, rising 4 percent to $248.68. Financial sector stocks also racked up solid gains. Morgan Stanley added 1.9 percent to $52.39. Walgreens Boots Alliance slumped 2.4 percent to $62.30, the biggest decliner in the sector that includes food, beverage and other consumer goods companies.