U.S. stocks climbed on Monday, with the S&P 500 bouncing back from its biggest weekly drop since 2012, as companies including Berkshire Hathaway reported results.
"I've been a believer for months that every time we get a sell off, it's a buying opportunity," said Randy Frederick, managing director of active trading and derivatives at Charles Schwab.
Warren Buffett's Berkshire Hathaway gained after reporting better results at units including insurer Geico. Michael Kors Holdings declined after the handbag maker reported better-than-expected results, but said its profitability would fall in 2014. Walgreen shares climbed after the drugstore chain said its chief financial officer was leaving the company.
Of the 381 S&P 500 companies that have reported second-quarter results, 68.8 percent have beat estimates on earnings, and 64.1 percent have topped expectations for revenue, according to David Aurelio, research analyst at Thomson Reuters.
"The world's markets are celebrating the $6.6 billion rescue of Portugal's banking system," Jeffrey Saut, chief investment strategist at Raymond James, emailed of Portugal's plans to spend 4.9 billion euros, or $6.58 billion, to bail out Banco Espirito Santo.
"Alas, I wish it was just that simple," Saut added.