Dow Adds 90; Madoff Gets 150

Updated with closing prices and Treasuries data.

The major indices in New York closed up more than 1% Monday, as investors shrugged off Bernie Madoff's 150-year prison sentence and prepped for the end of the second quarter amid surging energy prices.

The Dow Jones Industrial Average was up 90.99 points, or 1.1%, at 8529.38, while the S&P 500 rose 8.33 points, or 0.9%, to 927.23. TheNasdaq Composite gained 5.84 points, or 0.3%, to 1844.06.

Hewlett Packard(HPQ Quote) was the strongest performer on the Dow, gaining 3.6% to $38.98. Alcoa was the worst, losing 3% to $10.44, one of only three stocks on the blue chip index in negative territory.

The KBW Bank index rose 1.6%, the S&P Homebuilders Select Industry Index tacked on 1.4%, and the NYSE Energy Sector Index gained 1.4%.

Bernie Madoff, whose multibillion-dollar Ponzi scheme came to light six months ago, dominated Monday's headlines. He received 150 years of incarceration for his crimes, the maximum sentence. The news came after Madoff's attorney argued that 12 years was sufficient and Madoff told the judge he'd "made a terrible mistake."

Although the media is understandably focused on Madoff, the market has its eye on the end of the quarter, says Anu Sharma, managing director of the Market Intelligence Desk at Nasdaq OMX. Portfolio managers are making adjustments -- or window dressing, as it's sometimes called -- before the official end of the quarter Tuesday. Thus, investors are likely to see people move out of weaker names and into stronger ones, Sharma says.

AUDIO: Listen to Elizabeth Trotta discuss the market action with Anu Sharma.