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 December 14, 2015 - 5:29 PM EST
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Oil Snaps Slump, Takes Dow Up With It

U.S. stocks closed higher Monday, helped by a pause in the oil price slide amid continued concerns about the high-yield debt market.

Investors also awaited the Federal Reserve's rates decision due this week.

The Dow Jones industrial average zoomed higher 103.29 points to close 17,368.50, after a Friday plunge of more than 300 points, and a Monday morning descent of more than 100 points.

Chevron and Exxon Mobil contributed the most to gains, while Boeing and DuPont were the greatest weights on the index.

The S&P 500 recovered 9.7 points to 2,022.07. Materials briefly traded 2% lower as the greatest decliner in the S&P 500. Freeport-McMoRan, Dow Chemical, Newmont Mining and DuPont were among the greatest decliners in the sector, falling about 4% in afternoon trade.

The NASDAQ index gained 18.77 points to 4,952.23, as Apple declined more than 1%, amid news that Morgan Stanley cut its estimate for 2016 iPhone units and earnings estimates. The firm also cut its target to $143 U.S. a share from $152 U.S., but remains "overweight" on the stock.

Dow Chemical and DuPont traded more than 4% lower in afternoon trade Monday. The two chemical giants ended last week with gains of 0.1% and about 4% respectively, after agreeing to merge in an all-stock deal.

Both Brent and U.S. crude oil had fallen every day since OPEC on Dec. 4 abandoned its output ceiling. In the past six sessions, they have shed more than 13% each.

OPEC has been pumping near record levels since last year in an attempt to drive higher-cost producers such as U.S. shale firms out of the market.

Prices for the 10-year Treasury retreated, raising yields to 2.22% from Friday's 2.14%. Treasury prices and yields move in opposite directions.

Oil prices strengthened 56 cents a barrel to $36.18 U.S.

Gold prices fell $10.79 to $1,063.98 U.S. an ounce.

Source: WallSt Money US Market Commentary (December 14, 2015 - 5:29 PM EST)

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