Dow, S&P 500 back in black for '15 . . . again

Stocks ended sharply higher Monday as the Dow and S&P 500 sprang back into positive territory for the year.

The Dow Jones industrial average finished up 228 points ahead of a two-day Federal Reserve meeting that begins Tuesday and may set the stage for the first U.S. interest rate hike since the global financial crisis.

Climbing 1.3%, the Dow bested its 2014 close of 17,823.07 by 154 points. The S&P 500 gained 1.4% -- 28 points -- to finish 22 points ahead of its 2014 close of 2,058.90.

The Nasdaq composite index rose 1.1%.

Oil prices continue to drop as U.S. benchmark crude hit a six-year low as it plunged as much as 4% to a low of $42.79 a barrel.

A growing number of investors expect the U.S. central bank to raise its benchmark interest rate sooner rather than later and will be watching to see whether officials signal that's the case.

Stocks have been lifted for several years by ultralow rates and other monetary stimulus but a Fed rate hike would mark the start of a return to more normal levels for borrowing costs. The Fed has kept its benchmark lending rate near zero for more than six years.

In economic news:

• Industrial production edged up slightly in February, as a big surge by utilities due to a cold winter offset a third straight decline in factory output. The Federal Reserve says that overall industrial production rose 0.1% in February following a 0.3% fall in January.

• Homebuilders are feeling slightly less confident in their sales prospects, even as their overall sales outlook remains favorable.
The National Association of Home Builders/Wells Fargo builder sentiment index slipped this month to 53, down two points from 55 in February. It's the third monthly decline in a row for the index.

Overseas, Asian stock markets were mixed Monday, with Japan's Nikkei 225 index dropping 0.04% while Hong Kong's Hang Seng index gained 0.5%. Chinese stocks surged to their highest level in half a decade on hopes of new government stimulus, with the Shanghai Composite gaining 2.3.

On Sunday, Premier Li Keqiang was quoted by official news agency Xinhua as saying policymakers have "fairly ample room" and a "host of policy instruments" to boost economic growth if it slows more than expected.

European stocks rose: France's CAC 40 was up 1% and Germany's DAX jumped 2.2%. Britain's FTSE 100 rose 0.6%.

Contributing: Associated Press