1st LD Writethru: U.S. stocks tick up as oil rebounds

U.S. stocks posted solid gains Monday, as a strong rebound in oil prices boosted Wall Street sentiment.

The Dow Jones Industrial Average jumped 228.67 points, or 1.40 percent, to 16,620.66. The S&P 500 gained 27.72 points, or 1.45 percent, to 1,945.50. The Nasdaq Composite Index leapt 66.18 points, or 1.47 percent, to 4,570.61.

Oil prices soared Monday, with the U.S. oil surging over 6 percent, as the International Energy Agency said U.S. shale oil production was expected to fall by 600,000 barrels per day (bpd) this year and another 200,000 bpd in 2017.

Also, the market got support following a broadly-based rally in global stock markets.

In Asia, Chinese shares regained the 2,900-point mark Monday, following the appointment of a new regulator head Saturday. The benchmark Shanghai Composite Index surged 2.35 percent to close at 2,927.18 points.

European equities also ended sharply higher, buoyed by the solid gains in commodity prices. German benchmark DAX index at Frankfurt Stock Exchange surged 1.98 percent, while British benchmark FTSE 100 Index advanced 1.47 percent.

On the economic front, the seasonally adjusted Markit Flash U.S. Manufacturing Purchasing Managers' Index came in at 51.0 in February, down from 52.2 in January. The latest survey pointed to the weakest overall improvement in business conditions for more than three years. Endit