NEW YORK (TheStreet) -- Wall Street welcomed big gains, and a 2015 winning streak, to kick off the new week.
The S&P 500 clinched its longest winning streak this year as crude oil prices surged and boosted the energy sector. The benchmark index has gained more than 5% over the past five days after jumping nearly 2% on Monday.
The Dow Jones Industrial Average gained 1.8% over the session, and Nasdaq climbed 1.6%.
Crude oil spiked on speculation that China will introduce more monetary stimulus measure to bolster its economy. The World Bank said on Monday it expects China to grow 7% this year but forecasts a gradual slowdown over the next two years. China's GDP has averaged 8.6% since 2010.
West Texas Intermediate crude closed 1.6% higher at $46.26 a barrel on expectations that similar actions by central banks would revitalize oil demand from the world's second-largest energy consumer. However, any further upside was limited after Saudi Arabia said it would cut the price of crude deliveries by $1.70 a barrel.
The energy sector was the best performer on markets. Exxon Mobil (XOM) , Chevron (CVX) , Kinder Morgan (KMI) , ConocoPhillips (COP) and Royal Dutch Shell (RDS.A) were all sharply higher, while the Energy Select Sector SPDR ETF (XLE) added 3%.
Biotech stocks failed to join in on the rally on Monday, though, as investors continued to flee health care after Democratic presidential candidate Hillary Clinton two weeks ago vowed to address industry "price gouging." Bristol-Myers Squibb (BMY) , Eli Lilly (LLY) , Biogen (BIIB) , and Teva Pharmaceutical (TEVA) were among the worst performers, while the iShares NASDAQ Biotechnology Index ETF (IBB) fell 0.74%.