U.S. indices were rising midday with the S&P 500, Nasdaq and Dow Jones Industrial Average all rallying from their premarket declines.
Oil prices continued to climb Monday, with Brent crude jumping $1.29 to $40.01 per barrel, topping $40 for the first time since December. West Texas crude is up $1.44 to $37.36 per barrel.
Data from the InterContinental Exchange today showed that hedge fund and money managers have increased their long positions on the commodity. Oil prices have spiked 40% from their lows for the year, suggesting that it has finally reached the bottom and has begun its recovery.
Oil stocks like Whiting Petroleum (WLL), Southwestern Energy (SWN), and Chesapeake Energy (CHK) were up over 8.5% thanks in part to the rise in oil prices today.
Shares of DuPont (DD) were also climbing on heavy volume Monday following reports that German chemical company BASF is weighing a counterbid for the company. In December, Dupont agreed to merge with rival and Action Alerts PLUS holding Dow Chemical (DOW).
Urban Outfitters (URBN) shares were rising ahead of the release of the company's quarterly earnings results after the closing bell on Monday. Analysts are expecting the company to report earnings of $0.56 per share on revenue of $1.02 billion.
On the down side of the market, Shake Shack (SHAK) was falling on heavy volume ahead of the release of the restaurant chain's latest quarterly earnings results. Analysts are expecting the company to report earnings of $0.07 per share on revenue of $50.44 million.
Read more about Apple's troubles here
Finally, shares of Action Alerts PLUS holding Apple (AAPL) were in decline following reports over the weekend that the first successful ransomware attack was carried out against the company's network. Additionally, analysts at Pacific Crest lowered the company's price target to $127 from $132 today.