U.S. stocks are moving higher in midday trading, led by gains in energy shares as the price of crude oil surged.

The Dow Jones industrial average rose 121 points, or 0.7 percent, to 17,885 as of 11:45 a.m. Eastern time Monday.

The Standard & Poor's 500 index rose 14 points, or 0.7 percent, to 2,081. The Nasdaq composite gained 25 points, or 0.5 percent, to 4,912.

Energy stocks had some of the biggest gains. Rig operator Transocean soared 6 percent.

Oil rose 5 percent to $51.62 a barrel in New York.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.90 percent.

Many overseas markets are closed for holidays.