Stocks end higher, led by financial shares; drugmakers drop

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NEW YORK (AP) — US stocks are closing higher as investors try to look beyond the uncertain timing of a possible interest rate increase by the Federal Reserve.

The Dow Jones industrial average closed up 125 points, or 0.8 percent, to 16,510 on Monday.

The Standard & Poor's 500 index rose eight points, or 0.5 percent, to 1,966 and the Nasdaq composite gained one point, or less than 0.1 percent, to 4,840.

Stocks were rebounding from sharp falls on Friday. Those declines were caused by concerns that the Fed's decision to keep interest rates at record lows signaled a weak outlook for global growth.

Drugmakers slumped on concern of new regulations to control pricing following comments from Democratic presidential front-runner Hillary Rodham Clinton.

Bond prices fell, pushing up the yield on the 10-year benchmark Treasury note to 2.20 percent from 2.13 percent on Friday.

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