Markets Right Now: Stocks climb as oil prices rise

Markets Right Now: Stocks climb as oil prices rise

The start of the week once again brought several corporate deals, with companies in the energy and technology industries making moves.

The 14-members of the Organization of the Petroleum Exporting Countries are set to meet in Vienna on November 30 to agree to details for a deal that will reduce global oil production, and hopefully, drive up prices. Materials gained 1.3%. Yield-sensitive utilities - an area of weakness lately - enjoyed a reprieve, up 1.1%.

Stocks reached all-time highs over the summer and have built on those gains since the election.

The S&P 500 index showed 44 new 52-week highs and four new lows, while the Nasdaq recorded 160 new highs and eight new lows. The three indexes, plus the small-cap Russell 2000, all closed at records Monday.

The Dow rose 0.5 percent, to 18,956.69.

The energy index dominated the gainers among the 11 major S&P sectors, rising 1.2 per cent. Chevron and Exxon rose 1.4 per cent each.

KEEPING SCORE: In Europe, Germany's DAX was up 0.3 percent at 10,700 while France's CAC-40 index rose 0.5 percent to 4,526.

More news: Health care in the crosshairs

Oil prices jumped 4.2 per cent to a near three-week high on hopes that the OPEC would agree to an output cut next week and the U.S. dollar index's first drop in 11 days.

Light, sweet crude for December delivery settled up $1.80, or 3.9%, to $47.49 a barrel on the New York Mercantile Exchange, closing at the highest level since October 28.

South Africa's rand led gains among major currencies as the country proposed labor law reforms a few days before a credit-rating review. Symantec rose 4.7 percent.

Oil's price recovery is a big help. Goldman Sachs Group. said the likelihood of an agreement meant the bank was bullish on oil in the short term. "When all is said and done, supply and demand will ultimately dictate the price".

Volatility Index, Wall Street's preferred measure of market uncertainty, fell 3.1% to 12.45. Competitor Hormel Foods lost 1.8%. We're also in a period of seasonal strength for the stock market (the oft-mentioned "Santa Claus" rally).

In Asia, shares rose on Tuesday in morning session amid solid gains in United States markets overnight, while the Japanese yen briefly strengthened after a powerful natural disaster rocked northern Japan.

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