Dow Hits New High for the Year

The major averages ended higher Monday, and commodities advanced heartily, as the dollar weakened and housing data impressed.

The Dow Jones Industrial Average closed up 133 points at 10451, its highest level since October 2008, while the S&P 500 had added 15 at 1106. The Nasdaq had shot up 30 to 2176.

Crude oil eased and stood up just 75 cents at $78.23, after surging more than $2 earlier. Gold advanced $5 to $1,146.40, in part as a function of the dollar carry trade, which shorts the U.S. currency and goes long commodities and equities.

Integrated oil stock Chevron (CVX) was up more than 2%, and Exxon Mobil (XOM) gained 1.77%. Financials were also higher, with Bank of America (BAC) and American Express (AXP) each up more than 1% on the index.

Bullish news out of the housing sector helped fuel the early buying. The National Association of Realtors said existing home sales surged by 10.1% to 6.1 million in October, easily topping the consensus estimate for 5.7 million.

"Many buyers have been rushing to beat the deadline for the first-time buyer tax credit that was scheduled to expire at the end of this month, and similarly robust sales may be occurring in November," NAR chief economist Lawrence Yun said. "With suh a sale spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer."

Following the housing data, home stocks were mixed. Toll Brothers (TOL) and KB Home (KBH) each fell more than 1%, while DR Horton (DHI) gained between 2.5%.

The housing data were the first of a slate of reports due out this week, including readings on national production, employment, new home sales, and consumer confidence, spending and income.

Stocks overseas were broadly higher, with the FTSE in London and Dax in Frankfurt adding 2.3% and 2.7%, respectively. In Asia, the Nikkei in Japan was closed for the session, while the Hang Seng in Hong Kong tacked on 1.4%.