US stocks jump on rising oil prices

New York: US stocks posted solid gains on Monday as investors cheered over a strong rebound in oil prices.

The Dow Jones Industrial Average added 175.39 points, or 1.00 percent, to 17,710.71. The S&P 500 gained 20.05 points, or 0.98 percent, to 2,066.66. The Nasdaq Composite Index leapt 57.78 points, or 1.22 percent, to 4,775.46, Xinhua reported.

Oil prices surged on Monday on worries about global supply outages, with Brent crude touching an intra-day high of $49.47 a barrel since early November.

Investment bank Goldman Sachs said in a report released on Monday that the oil market has gone from nearing storage saturation to being in deficit much earlier than the company expected. 

Goldman Sachs saw US oil trading as high as $50 per barrel in the second half of 2016.

On the economic front, the May 2016 Empire State Manufacturing Survey indicated that business activity declined for New York manufacturers.

The headline general business conditions index decreased nineteen points to minus 9.0, missing a market consensus of a 7.0- percent gain.