Stocks are closing higher, pushing the Dow Jones industrial average near its record high.

The market overcame an early loss caused by new steps from China to rein in its booming housing market.

The Dow closed up 38 points at 14,127 Monday, a gain of 0.3 percent. The index is 37 points shy of its all-time high reached in October 2007.

The Standard & Poor's 500 index rose seven points, half a percent, to 1,525. The Nasdaq composite rose 12 points, or 0.4 percent, to 3,182.

Apple fell 2.4 percent to its lowest level in a year. Energy company Hess jumped 3.5 percent after saying it would sell its retail business.

More stocks rose than fell on the New York Stock Exchange. Trading volume was thin at 3.3 billion shares.