U.S. stocks rose on Monday as energy shares gained and Apple jumped following problems with rival Samsung's Note 7 phone. Bobbi Rebell reports.
Stocks began the week with gains. The major indexes closing out higher as oil prices surged to a one-year high lifting shares of oil related stocks. But Kevin Kelly of Recon Capital is skeptical about the energy rally. SOUNDBITE: KEVIN KELLY, CHIEF INVESTMENT OFFICER, RECON CAPITAL (ENGLISH) SAYING: "There is still a supply glut so you see oil trick up when there has been situations like this where there has been supposed packs when people would stop producing more. Also when there has been supply disruptions as well we've had that in Nigeria, Canada so this tends to happen. But guess what? When oil goes up oil companies want to sell more. You know why? Because they need the cash flow in order to pay down a lot of their debt." Twitter stock on a wild rise. Falling on reports from Bloomberg that a number of suitors walked away, but coming back on reports from Fox Business that Twitter's bankers said the company will be sold. Mylan a top gainer. The drug company will pay $465 million to settle questions related to misclassifying payments tied to its EpiPen allergy treatment. Apple stock higher following problems with rival Samsung's Note 7 phone. Turning to Europe: a positive start to the week as well for the major country indexes.