NEW YORK -- U.S. stocks ended sharply higher Monday after a late rally driven by hopes for a Greek debt deal and as energy shares bounced with oil prices.
Greece's new government has proposed ending a standoff with its international creditors by swapping its outstanding debt for new growth-linked bonds, Finance Minister Yanis Varoufakis was quoted as saying on Monday.
Adding to the day's advance were energy shares, with the S&P 500 energy sector ending up 3 percent. U.S. crude settled up 2.8 percent at $49.57 a barrel, despite a strike at U.S. refineries that could boost crude supply.
%VIRTUAL-pullquote-Markets are finding some comfort in the fact there is a dialog that has the potential to lead to something other than a Grexit.%The sharp move higher came late in a session where the S&P 500 repeatedly moved between positive and negative territory.
"Markets are finding some comfort in the fact there is a dialog that has the potential to lead to something other than a Grexit. That is a constructive narrative for equity markets, not just in the U.S. but globally," said Peter Kenny, chief market strategist at Clearpool Group in New York. "Grexit" refers to the possibility of Greece exiting the eurozone.
The Dow Jones industrial average (^DJI) rose 196.09 points, or 1.14 percent, to 17,361.04, the Standard & Poor's 500 index (^GSPC) gained 25.86 points, or 1.3 percent, to 2,020.85 and the Nasdaq composite the Nasdaq composite (^IXIC) added 41.45 points, or 0.89 percent, to 4,676.69.
The gains also follow the worst monthly performance for the indexes in a year.
Shares of Exxon Mobil (XOM) were up 2.5 percent at $89.58 after it reported a smaller-than-expected profit drop. The results follow several disappointing earnings results from many multinational companies.
The pace of growth in the U.S. manufacturing sector slowed more than expected in January. U.S. consumer spending recorded its biggest decline since late 2009 in December, with cheaper gas not translating to higher activity.
Solar power companies were among the strongest of the day after China said it aims to install 15 gigawatts of solar power capacity this year, 43 percent more than it added in 2014. First Solar (FSLR) climbed 7.5 percent to $45.48.
About 7.7 billion shares changed hands on U.S. exchanges, above the 7.4 billion average for the last five sessions, according to BATS Global Markets.
NYSE advancing issues outnumbered decliners 2,271 to 821, for a 2.77-to-1 ratio; on the Nasdaq, 1,746 issues rose and 987 fell, for a 1.77-to-1 ratio favoring advancers.
The benchmark S&P 500 posted 4 new 52-week highs and 6 lows; the Nasdaq composite recorded 25 new highs and 82 lows.
-With additional reporting by Chuck Mikolajczak.
What to watch Tuesday:
Automakers release vehicle sales for January.
The Commerce Department releases factory orders for December at 10 a.m. Eastern time.
These selected companies are scheduled to release quarterly financial results:
10 Places to Turn Your Unwanted Stuff Into Cold, Hard Cash
Market Wrap: Stocks Rally on Greek Deal Hopes; Energy Gains
Whatever you're looking to sell, there's a good chance you can find a buyer for it on online megasites eBay (EBAY) and Amazon (AMZN). Both sites offer easy-to-follow guidelines for how to list, ship and get payment for your items. EBay is great for collector and high-value items, such as premium comic books or rare baseball cards, as the bidding system encourages buyers to offer more and more money to snag your item. If you've got something you think is in high demand, like a retro accessory, a bidding war could fetch you a nice price.
Amazon is better for selling traditional retail items like DVDs, books and video games, because the site shows buyers what they'd pay to buy the item new from them vs. what they'd pay to buy it used from you. Price your item fairly, and you could hook buyers looking to save a buck or two.
Have a big item that won't be easy to ship, like a bicycle or a piece of furniture? Try listing it Craigslist, where you can connect with local buyers who are willing to pay cash and pick the item up themselves. Just be smart about meeting up with strangers: never let anyone in your home, but instead stick to meeting in the driveway or, if you can, a neutral location like a coffee shop. (I've often met buyers in the parking lot of Target (TGT) or Starbucks (SBUX) during the middle of the afternoon, when I know there will be hundreds of people –- plus store security -- milling around.)
Want to get rid of a large amount of stuff as fast as possible? A garage sale is a great way to clear out fast, especially if you're smart about how you advertise it. Make sure to place ads in local classifieds (online and print), put up signs in visible locations like heavily trafficked intersections and always have plenty of change on hand. If you really want to get noticed, consider organizing a neighborhood or block sale, which has a special draw for serial bargain-hunters.
Another way to get lots of eyes on your stuff is to set up a table at an area flea market or swap meet. These events are often well-advertised and see plenty of foot traffic, so all you have to do is show up and hope buyers are interested in what you're selling.
Got a lot of gently used clothes to get rid of? Do an online search for consignment shops in your area. You may have a national chain like Plato's Closet, Buffalo Exchange or Once Upon a Child nearby, or there may be some local boutique shops. These places accept clothing, accessories, shoes and more, from current designer brands to rare vintage finds.
If you have any hand-me-downs or heirlooms that look like they might be worth something, take them to a local antique shop for an appraisal. Some offer walk-in appraisals, while others have set days and times when an appraiser is in store. That old lamp your grandmother left you just might be worth big bucks. Of course, once you have the appraisal, you still have to sell it. Maybe to that antiques store?
Lookk for sporting equipment your kids (or you) have grown out of or gotten tired of. Stores like Play It Again Sports will pay you for things like helmets, hockey sticks, padding and more. Just search for "used sporting goods" to find what's in your area.
Got an old Atari lying around, or Super Mario cartridges from the '90s? They may seem like outdated junk to you, but collectors are more than happy to pay for a piece of childhood nostalgia. Call around to local video game stores to see if they buy used systems and games and how much they'd be willing to pay for yours. You may be surprised how much you can get. GameStop (GME) is a national chain that buys games.
If you're the crafty sort, you may be able to upcycle your old stuff into one-of-a-kind products you can sell on arts and crafts website Etsy. There's a strong demand for handmade items these days, so get creative about how to repurpose your old items into clever crafts. Can you tear-and-sew old clothing into a recycled dress or hand-stitched curtains? Can you turn those old floppy disks into drink coasters by coating them with a waterproof layer and gluing felt to the bottom? A little creativity can lead to a handsome payday.