Stock rallied Monday after crude oil prices fell to their lowest level in three months, with investors notching gains for the major market indices.
The Big Board gained 55.47, or 0.53 percent, to 10,586.23, its highest close since Sept. 16. The Standard & Poor's 500 index was up 2.67, or 0.22 percent, to 1,222.81, and the Nasdaq composite index advanced 8.81, or 0.41 percent, to 2,178.24.
The market got a lift from buyback announcements by Qualcomm Corp., Northrop Grumman Corp. and utilities firm TXU Corp. Transportation, with technology stocks were the biggest gainers.
Momentum for crude oil fell because unusually warm weather nationwide with a barrel of light crude falling $1.11 to $59.47 on the New York Mercantile Exchange.
Shares of Homestore Inc. rose 18.3 percent to $4.21 a share after the Westlake Village-based online media company said it received a $100 million investment in convertible preferred stock from private equity firm Elevation Partners.
Iris International Inc. shares surged 14.6 percent to $26 a share even though the maker of automated urinalysis equipment reported no significant news following a strong third-quarter earnings release last week.
Molina Healthcare shares dipped 5.35 percent to $26.02 as investors unloaded shares following a rally Friday after the health care firm beat analysts' third-quarter earnings.
Tag-It Pacific Inc. plummeted 15 percent to 51 cents a share after the company said BDO Seidman, LLP, would be resigning as its independent accountant, effective immediately. The company did not have a disagreement with BDO.
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