​US stocks gain as crude oil rises – CBS News

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Last Updated May 16, 2016 4:56 PM EDT

NEW YORK – Solid gains in energy and technology stocks led Wall Street higher, breaking a three-day losing streak.

Oil companies rallied Monday after the price of crude oil climbed 3 percent. Marathon Oil jumped 4 percent and Devon Energy also rose 4 percent.

Apple led tech stocks higher with a 4 percent gain after Warren Buffett’s Berkshire Hathaway disclosed it had taken a stake in the company.

The Dow Jones industrial average rose 175 points, or 1 percent, to 17,711. The Standard & Poor’s 500 index rose 20 points, or 1 percent, to 2,067. The Nasdaq composite index gained 58 points, or 1.2 percent, to 4,775.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.75 percent.

U.S. benchmark crude oil rose 3 percent to almost $48 a barrel in New York after analysts at Goldman Sachs said the oil market has gone from oversupply to deficit far more quickly than expected.