Auto sales, factory report boost stocks

NEW YORK - U.S. stocks rose Monday as banks continued to climb along with interest rates, and energy companies rallied again with oil prices. Better-than-expected auto sales and a strong report on U.S. factories also boosted stocks.

Energy companies made large gains in Monday's abbreviated trading session as oil prices rose for the eighth day in a row. Banks rose as bond yields and interest rates continued to rise. Companies that stand to benefit from faster economic growth, such as industrial companies and basic materials makers, climbed after the Institute for Supply Management said U.S. manufacturing activity climbed in June to its highest level in almost three years.

The Standard & Poor's 500 index added 5.60 points, or 0.2 percent, to 2,429.01. The Dow Jones industrial average rose 129.64 points, or 0.6 percent, to 21,479.27. The Russell 2000 index of smaller-company stocks added 11.32 points, or 0.8 percent, to finish at a record high of 1,426.68.

The Nasdaq composite lost 30.36 points, or 0.5 percent, to 6,110.06. That was a six-week low, as technology companies have been slumping for almost a month.

General Electric rose 44 cents, or 1.6 percent, to $27.45, and chemicals maker DuPont added $1.42, or 1.8 percent, to $82.13.

Benchmark U.S. crude gained 73 cents, or 1.6 percent, to $46.77 a barrel in New York, its eighth gain in a row. Brent crude, used to price international oils, rose 62 cents, or 1.3 percent, to $49.39 a barrel in London. Before their recent winning streak, crude prices had reached their lowest levels of the year. Exxon Mobil rose $1.37, or 1.7 percent, to $82.10 and ConocoPhillips added $1.70, or 3.9 percent, to $45.66.

Activist investment firm Jana Partners disclosed a 5.8 percent stake in EQT and said it opposes the energy company's plan to buy Rice Energy. The firm said it wants EQT to split off its exploration and production business instead. EQT agreed to buy Rice Energy for $6.7 billion in cash and stock last month. The deal would make EQT the largest U.S. producer of natural gas. EQT shares added $1.16, or 2 percent, to $59.75 while Rice Energy tumbled 97 cents, or 3.6 percent, to $25.66.

Precious metal prices dropped. Gold fell $23.10, or 1.9 percent, to $1,219.20 an ounce, while silver lost 54 cents, or 3.2 percent, to $16.09 an ounce. Copper slipped 2 cents, to $2.69 a pound.

Gold and copper miner Newmont Mining fell 50 cents, or 1.5 percent, to $31.89.

The dollar jumped to 113.37 yen from 112.54 yen on Friday. The euro fell to $1.1368 from $1.1422.