Make us your home page
Instagram

U.S. stock indexes break records as oil prices jump

Trader Peter Tuchman wears his “Dow 19,000” cap on the floor of the New York Stock Exchange on Monday, a day of all-time highs on the stock indexes.

Associated Press

Trader Peter Tuchman wears his “Dow 19,000” cap on the floor of the New York Stock Exchange on Monday, a day of all-time highs on the stock indexes.

NEW YORK

Major U.S. stock indexes rose to record highs on Monday, led by big gains in energy companies as the price of crude oil moved sharply higher, which is positive news for the long-struggling energy sector.

Investors also applauded several corporate deals, and technology companies, which have been lagging the market in recent weeks, posted solid gains. Makers of basic materials and utility companies also climbed.

The price of oil jumped 4 percent ahead of a meeting of OPEC countries, who collectively produce more than a third of the world's oil. OPEC has agreed on the outlines of a deal to reduce production in an attempt to support flagging oil prices, which are still far lower than they were two years ago. That would in turn lift energy company profits.

Stocks reached all-time highs over the summer and have built on those gains since the election. On Monday the Dow Jones Industrial Average, Standard & Poor's 500 and Nasdaq composite all set records. So did the Russell 2000, an index of smaller companies, and the S&P's small- and mid-size company indexes.

The last time all those indexes set records on the same day was Dec. 31, 1999, according to Ryan Detrick, senior market strategist for LPL Financial.

The Dow rose 88.76 points, or 0.5 percent, to 18,956.69. The S&P 500 climbed 16.28 points, or 0.7 percent, to 2,198.18. The Nasdaq composite jumped 47.35 points, or 0.9 percent, to 5,368.86.

OPEC representatives will meet in Vienna on Nov. 30. They have agreed to preliminary terms of a deal that will trim oil production, but the details remain to be determined.

Quincy Krosby, market strategist at Prudential Financial, said investors are encouraged by the effort, but she doesn't think a deal, if one happens, will do much to lead to sustainably higher oil prices.

"There's nothing to suggest the agreement's going to hold," she said. "When all is said and done, supply and demand will ultimately dictate the price."

Small-company stocks have surged since the election. The Russell 2000 has risen for 12 days in a row.

U.S. stock indexes break records as oil prices jump 11/21/16 [Last modified: Monday, November 21, 2016 6:10pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Associated Press.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. Labor Department green-lights retirement savings rule

    Personal Finance

    WASHINGTON — A Labor Department rule that would set higher standards for the advice brokers give to retirement savers will go into effect June 9 without further delay, Labor Secretary Alexander Acosta said Monday.

  2. Report: CEOs got biggest raise since 2013 with Charter Communications CEO on top

    Corporate

    NEW YORK — The typical CEO at the biggest U.S. companies got an 8.5 percent raise last year, raking in $11.5 million in salary, stock and other compensation last year, according to a study by executive data firm Equilar for The Associated Press. That's the biggest raise in three years.

    Charter Communications CEO Thomas Rutledge -- whose company took over Bright House Networks last year -- was the highest paid CEO in 2016, according to a study carried out by executive compensation data firm Equilar and The Associated Press. 
[Associated Press file photo]
  3. For Gov. Rick Scott, 'fighting' could mean vetoing entire state budget

    State Roundup

    Every day, Gov. Rick Scott is getting a lot of advice.

    The last time a Florida governor vetoed the education portion of the state budget was in 1983. Gov. Bob Graham blasted fellow Democrats for their “willing acceptance of mediocrity.”
  4. Potential new laws further curb Floridians' right to government in the Sunshine

    State Roundup

    TALLAHASSEE — From temporarily shielding the identities of murder witnesses to permanently sealing millions of criminal and arrest records, state lawmakers did more this spring than they have in all but one of the past 22 years to chip away at Floridians' constitutional guarantees to access government records and …

    The Legislature passed 17 new exemptions to the Sunshine Law, according to a tally by the First Amendment Foundation.
  5. Data breach exposes 469 Social Security numbers, thousands of concealed weapons holders

    Corporate

    Social Security numbers for up to 469 people and information about thousands of concealed weapons holders were exposed in a data breach at Florida the Department of Agriculture and Consumer Services. The breach, which the agency believes happened about two weeks ago, occurred in an online payments system, spokesperson …

    Commissioner of Agriculture Adam Putnam on Monday that nearly 500 people may have had their Social Security numbers obtained in a data breach in his office.
[Times file photo]