Wall Street's major indexes closed higher Monday while energy stocks rallied as investors digested the latest news about the conflict between Israel and the Palestinian Islamist group Hamas.
The Israeli military said it called up reservists and was imposing a total blockade of the Gaza Strip in signs it could be planning a ground assault there to defeat Hamas which launched a deadly attack over the weekend.
As a result investors appeared to refocus on more U.S. centric matters, John Augustine, said chief investment officer at Huntington National Bank in Columbus, Ohio. Meanwhile, Fed officials indicated that recent gains in yields on long-term U.S. Treasury bonds, which directly influence financing costs for households and businesses, could steer the Fed from further hikes in its short-term policy rate. This eased some concerns among equity investors.
Rising oil prices boosted the S&P energy sector, making it the biggest gainer among the S&P 500's 11 major industry sectors.
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