Stocks Start Strong For February

A new month starts with strong gains for stocks. The Dow Jones industrial average (INDU) rose 118.2 points, or 1.2%, according to early tallies. The S&P 500 index (SPX) gained 15.31 points, or 1.4%. The Nasdaq composite (COMP) added 23.85 points, or 1.1%.

Monday’s rally erased part of the Dow’s 3.5% loses last month. It was the biggest monthly decline since February 2009. The Dow was helped in-part Monday by a 2.7% gain in component Exxon Mobil Corp. (NYSE:XOM – News). The oil giant posted better quarterly results than analysts expected.

What’s in your wallet is also worth more. The dollar rose against most currencies Monday. The dollar fell 0.33% against the euro to $1.39 but rose against the British pound, gaining 0.4% to $1.59, and the Japanese yen, gaining 0.6% to trade at ¥90.80.