American stocks closed higher Monday as the Dow Jones and S&P 500 had their longest streak and highest close, respectively, this year.
The Dow gained 21 points to end at 17,623 and the Nasdaq increased 13 points to finish the day at 4,808. The S&P 500 climbed 2 points to close at 2,051.
After the American market recorded its fifth consecutive weekly gain last Friday, the Dow on Monday recorded its seventh straight trading session with gains.
It is also the longest winning streak for the index since October 2015. In addition, the S&P 500 had its highest close since December 2015. But there was some volatility in the oil market.
American benchmark West Texas Intermediate increased 1.2 percent during the day to trade at 41.66 per barrel at the time when the stock market closed.
International benchmark Brent crude had a daily rise of 0.95 percent, and was trading at $41.62 a barrel at the same time.
It was the first time WTI traded higher than Brent since last December when the U.S. Congress lifted the four-decades old self-imposed ban on American crude exports.
Meanwhile, February existing home sales, which measures the change of existing residential buildings that were sold during the month, decreased by 7.1 percent from the previous month – its lowest level in the last three months.
Analysts expected a 2.2 percent decline following a 0.4 percent jump in January.