US stocks rallied on Monday, with the Nasdaq closing at a 14-year high as increasing homebuilder confidence and hopes for receding tensions in Russia emboldened investors in the equity market.

The Dow Jones industrial average rose 175.83 points or 1.06 percent, to end unofficially at 16,838.74. The S&P 500 gained 16.66 points or 0.85 percent, to finish unofficially at 1,971.72. The Nasdaq Composite climbed 43.39 points or 0.97 percent, to close unofficially at 4,508.31.

The Nasdaq closed above 4,500 for the first time since March 2000.

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