NEW YORK — U.S. stocks surged Monday after Federal Reserve board member Lael Brainard said the central bank shouldn't raise interest rates too soon. After a market nosedive on Friday, investors bought safe investments like household goods makers and phone companies. Technology companies also jumped.

The Dow Jones industrial average jumped 239.62 points, or 1.3 percent, to 18,325.07. The Standard & Poor's 500 index rose 31.23 points, or 1.5 percent, to 2,159.04. The Nasdaq composite surged 85.98 points, or 1.7 percent, to 5,211.89.

The gains in the main three U.S. indexes made up for more than half of Friday's losses.

As investors sought safe-play picks, retail giant Wal-Mart rose $1.64, or 2.3 percent, to $71.94, and Procter & Gamble gained $2.01, or 2.3 percent, to $88.25. Phone companies also rose. AT&T gained $1, or 2.5 percent, to $40.71. Those stocks took some of the biggest losses Friday.

HP agreed to buy Samsung's printer business for $1.05 billion, and HP stock rose 54 cents, or 3.9 percent, to $14.49. That helped take technology stocks higher. Elsewhere, Apple rose $2.31, or 2.2 percent, to $105.44, and communications chip maker Broadcom picked up $3.70, or 2.3 percent, to $164.48.

Markets overseas took sharp losses following the rout in the U.S. Friday. Germany's DAX fell 1.3 percent, while the CAC-40 in France lost 1.2 percent. The FTSE 100 index of leading British shares gave up 1.1 percent. Japan's benchmark Nikkei 225 index lost 1.7 percent, and South Korea's Kospi slid 2.3 percent. In Hong Kong, the Hang Seng shed 3.4 percent.

Drugmaker Perrigo added $6.52, or 7.3 percent, to $95.23 after activist investment firm Starboard Value bought a 4.6 percent stake in the company. Starboard Value said Perrigo needs to boost profit margins for some of its divisions and noted that the company's stock hasn't done well since Perrigo rejected an offer from competitor Mylan. Perrigo said it will review Starboard's comments.

U.S. crude rose 41 cents to $46.29 a barrel in New York. Brent crude, the benchmark for international oil trading, climbed 31 cents to $48.32 a barrel in London.

Energy Transfer Partners fell $1.19, or 3 percent, to $37.95. On Friday a federal judge ruled that the company can build a $3.8 billion pipeline intended to carry oil from North Dakota to Illinois. That sent the company's stock higher. But the federal government stepped in to temporarily stop part of the project, and several agencies said they will reconsider their decisions supporting it.

The Standing Rock Sioux tribe wants to stop construction of part of the pipeline because it crosses sacred sites and approaches a lake that provides drinking water for a reservation in southern North Dakota.

Gold fell $8.90 to $1,325.60 an ounce. Bond prices rose. The yield on the 10-year Treasury note fell to 1.67 percent from 1.68 percent. The dollar fell to 101.84 yen from 102.69 yen late Friday. The euro rose to $1.1241 from $1.1228.