NEW YORK (AP) – A spurt in oil prices on Monday helped revive energy stocks, which have been among the year’s worst performers, and U.S. stock indexes flirted again with record highs.
The pace for markets around the world, though, remained sluggish. For weeks, markets have made only modest moves as investors shrugged off a long series of potential concerns.
KEEPING SCORE: The Standard & Poor’s 500 index rose 10 points, or 0.4 percent, to 2,401, as of 10:08 a.m. Eastern time. If it stays there, it will surpass its record closing high set last week.
The Dow Jones industrial average gained 77 points, or 0.4 percent, to 20,972, the Nasdaq composite gained 19, or 0.3 percent, to 6,140 and the Russell 2000 index of smaller stocks rose 9 points, or 0.7 percent, to 1,392.
OIL SPURT: Crude jumped on expectations that the global oil glut may ease. Many oil-producing countries around the world have already cut their production in hopes of supporting the price of oil, and Russia and Saudi Arabia said they want to extend the cuts through the first three months of 2018. Benchmark U.S. crude rose $1.78, or 3.7 percent, to $49.62 per barrel. It’s close to topping the $50 level for the first time in nearly three weeks.