Updated from 4:32 p.m. ESTStocks rallied for the second time in three sessions Monday, as investors bet lower oil prices and a reviving employment picture will flush economic skeptics out of the market. The Dow Jones Industrial Average closed with a gain of 116.66 points, or 1.14%, to 10,329.63; while the S&P 500 added 14.41 points, or 1.3%, to 1122.47. The Nasdaq was up 32.55 points, or 1.66%, to 1992.57, within striking distance of 2000, having fallen through the level three weeks ago. The Philadelphia Semiconductor Index gained 1.7%, reflecting the tech sector's lead. Since the Dow fell 231 points over the two sessions ending a week ago Monday -- a dip that took it down 6.3% from a high touched in early February -- the average has now risen 265 points, or 2.6%. The Nasdaq, which was down 11.3% last Monday from late January high, has jumped 83 points, or 4.3%, in the last five sessions. Dow components General Electric ( GE), Citigroup ( C) and Coca-Cola ( KO) all benefited from analyst upgrades, while Caterpillar ( CAT) jumped 2.7% after affirming first-quarter earnings. Only Alcoa ( AA), IBM ( IBM) and United Technologies ( UTX) were lower among the Dow 30. Monday's action came on light volume, as traders shied away from major commitments ahead of Friday's jobs data. Almost 1.4 billion shares traded on the New York Stock Exchange, and about 1.7 billion shares changed hands on the Nasdaq. Advancers outpaced decliners on both markets by about 2 to 1. In other markets, the 10-year Treasury note lost 14/32 to yield 3.88% after a sharp decline Friday, while the dollar was stronger against the euro and weaker against the yen. Crude oil futures continued their recent slide, helping to trigger more gains in the airline sector. The Amex Airline Index rose 2.6%, and crude oil futures trading on the Nymex lost 28 cents to $35.45. Paul Mendelsohn, chief investment strategist at Windham Financial, attributed some of today's gains to optimism that OPEC will decide not to follow through on previously agreed production cuts at a meeting on Wednesday and that the March employment report Friday will show a healthy increase in job creation, ending a string of disappointing reports.