A late rally helped propel the Dow to a positive finish Monday as financial stocks rebounded.

Stocks erased all of their gains Monday after an early surge due to a better-than-expected manufacturing report. Financials led the decline.

The Dow shot up more than 100 points Monday after a report showed manufacturing expanded more than expected last month.

Stock futures pointed to a modest rebound ahead of the open Monday after the Dow and the S&P 500 experienced their biggest one-day percentage drops Friday since July 2.

Stocks rallied to their highest closes since November Monday following encouraging economic reports from the U.S. and abroad and following news that auto sales got a boost from the "Cash for Clunkers" program.

Stocks rallied Monday after a pair of encouraging reports on the manufacturing sector, plus strong bank earnings out of Europe and expectations for strong auto sales. The S&P briefly topped 1,000, a level it hasn't seen since November.

Stocks got a quick pop at the open Monday after some strong bank earnings out of Europe and expectations that auto sales will show a boost from the "Cash for Clunkers" program. But the rally quickly fizzled.

Stock index futures indicated a strong opening for Wall Street Monday, helped by European markets that hit a broader-index high for the year on better-than-expected bank earnings.