U.S. stocks on Monday tilted higher as investors tracked the price of oil, which wavered as fighting between Russia and neighboring Georgia sparked supply concerns.
Early afternoon in New York, the Dow Jones Industrial Average was up 1.3%, at 11821.52. Its financial components, a group that has been volatile, were mixed. American Express /zigman2/quotes/203805826/composite AXP -2.46% was up 4.6% and Citigroup /zigman2/quotes/207741460/composite C -0.97% was 3.8% higher, while American International Group /zigman2/quotes/203700638/composite AIG -1.98% was down 1.7%.
The Nasdaq Composite Index was up 1.4% at 2448.80. The Standard & Poor's 500-stock index was up 1% at 1309.43.
At noon on the New York Mercantile Exchange, crude-oil futures were down $1 at $114.20 a barrel.
"I don't think the goings-on in Georgia are having as much impact [as] they would have had if [the] market was in an uptrend," Christopher Bellew , broker at Bache Commodities in London, said.
Calpine rose 3.8% as it swung to a second-quarter profit on higher energy prices and named a new president and chief executive.
European shares rose again Monday, with auto makers and aerospace companies giving a lift.
Monday, The pan-European Dow Jones Stoxx 600 Index climbed 1.3% to end at 292.95, building on gains made last week when oil prices dropped and the euro fell sharply against the dollar.
In London, homebuilders were among the biggest gainers, with Barratt Development /zigman2/quotes/209812640/delayed UK:BDEV -1.15% up 7.1%, Persimmon ahead 5.9% and Wolseley gaining 6.3%. Royal Bank of Scotland rose 2.3% after the Financial Times reported that it is selling as much as $8 billion in loans to private-equity firms.
In Paris, building and building-material companies were leading gainers, with Saint-Gobain ahead 4.8%, Bouygues up 2.5% and Lafarge adding 3.4%. Investment bank Natixis surged 7.7%, with traders citing market speculation that the company could be delisted or receive a cash injection from a sovereign-wealth fund.
Nobel Biocare rose 2.8% in Zurich after the dental-implant maker reported lower second-quarter profit.