DOW hitting new multi-year highs for a second straight session,

Dow

11,837.93

+50.55

+0.43%

By: Abby Schultz, JeeYeon Park

Stocks gained, hitting new multi-year highs for a second straight session, as strength in energy and materials stocks outweighed pressure from financials in the wake of a disappointing earnings report from Citigroup and ahead of more reports from banks later this week.

The Dow Jones Industrial Average rose 50.55 points, or 0.43 percent, to close at 11,837.93, its highest close since June 23, 2008.


The S&P 500 gained 1.78 points, or 0.14 percent, to close at 1,295.02, its highest close since Aug. 28, 2008, while the Nasdaq gained 10.55 points, or 0.38 percent, to close at 2,765.85, its highest close since Nov. 6, 2007.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, rose to nearly 16.