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New York, April 18, 2016 (AFP) -The Dow finished above 18,000 for the first time in nine months Monday as stocks shrugged off the failure of major oil-producing countries to strike a deal to strengthen prices.
The Dow Jones Industrial Average advanced 106.70 points (0.60 percent) to 18,004.16, the first close above 18,000 since July 20.
The broad-based S&P 500 rose 13.61 (0.65 percent) to 2,094.34, while the tech-rich Nasdaq Composite Index gained 21.80 (0.44 percent) at 4,960.02.
Oil prices initially tumbled on news of the failure of talks of producers in Doha, Qatar, to limit output. But oil prices pushed back near to level, in part on news of a Kuwait oil-workers strike.
Petroleum shares posted solid gains, including Dow member Chevron, up 1.5 percent, and ConocoPhillips, up 3.0 percent.
"We're not seeing the sort of massive move in the oil prices" that had been projected if the Doha talks failed, said Art Hogan, chief market strategist at Wunderlich Securities.
Banking shares rose, with Bank of American and Wells Fargo both gaining 1.2 percent and JPMorgan Chase 0.7 percent.
Apple tumbled 2.2 percent, falling for a second session in a row on worries that iPhone sales may be weakening.
Dow member Disney jumped 2.9 percent on news that its "Jungle Book" movie led the US box office over the weekend, grossing $103.6 million.
Amazon gained 1.5 percent as it launched a standalone video streaming service as a rival to Netflix and Hulu. The service was previously available only as part of the Amazon Prime subscription program.
Toy company Hasbro climbed 5.8 percent after reporting that net income in the first quarter shot up 83 percent to $48.8 million. Offerings linked to the "Star Wars" franchise sold well.
