BUSINESS

US stock indexes rally, breaking a 3-week slump; price of crude oil drops to a 6-year low

03/16/2015 04:12 EDT | Updated 05/16/2015 05:59 EDT
NEW YORK, N.Y. - U.S. stocks are closing higher after three straight weeks of losses.

Health care and utilities stocks had the biggest gains Monday.

The Dow Jones industrial average rose 228 points, or 1.3 per cent, to 17,977.

The Standard & Poor's 500 index gained 27 points, or 1.4 per cent, to 2,081. The Nasdaq composite climbed 57 points, or 1.2 per cent, to 4,929.

The market is coming off three weeks of declines. Traders will be watching a Federal Reserve meeting this week for insight into when the central bank might start raising interest rates. Low rates have boosted stocks for six years.

Oil fell to a six-year low on expectations that rising supplies in the U.S. are outpacing demand.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.08 per cent.