US stocks surge despite Ukraine vote

New York - US stocks bolted higher on Monday, brushing off geopolitical concerns after a controversial vote Sunday by Crimea to secede from Ukraine and join Russia.

At the closing bell, the Dow Jones Industrial Average jumped 177.44 (1.10%) to 16,243.11.

The broad-based S&P 500 gained 17.48 (0.95%) to 1,858.61 , while the tech-rich Nasdaq Composite Index added 34.64 (0.95%) at 4,279.95.

The gains came despite the rise in tensions over Ukraine, with the United States and Europe announcing sanctions against key Russian and Ukraine figures to punish their support for the Crimean breakaway.

Mace Blicksilver, a director at Marblehead Asset Management, said he was surprised by the strength of the rally. But while the Ukraine events of the last 24 hours pointed to continued geopolitical division, there have been no surprises, he said.

Still, the rally likely will not last, Blicksilver warned.

"It doesn't look like we're about to start another leg of a bull market here," he said.