US close: Stocks end at record highs as oil rallies

US equity markets closed at record highs on Monday as surging oil prices boosted energy issues.

The Dow Jones Industrial Average ended up 0.5% at 18,956.69, the S&P 500 gained 0.8% to 2198.18 and the Nasdaq closed 0.9% higher at 5368.86 – all at record highs.

In currency markets, the dollar fell back after ten days of gains versus its major rivals. The ICE Dollar Index, which measures the greenback against a basket of six currencies, dropped 0.3% to 100.96, having earlier hit a low of 100.79.

Meanwhile, oil prices settled sharply higher amid growing expectations that OPEC members will agree to slash production at their next meeting on 30 November, with investors welcoming reports that Vladimir Putin, president of non-OPEC Russia, had expressed a willingness to freeze output.

Brent crude was up 3.9% to $47.49 per barrel and West Texas Intermediate rose 4.8% to $49.11.

Oanda’s Craig Erlam said: “The initial deal had been thrown into doubt by the unwillingness of certain members to take part in the cut but it would appear people close to the talks remain confident. Vladimir Putin appears to be one of those that has high hopes of a deal being done which would pave the way for Russia to take similar steps. A firm deal next week could see oil spike higher as it's currently well below the levels it reached in the weeks after the initial deal was agreed in Algiers.”

Meanwhile, Stanley Fischer, the Federal Reserve vice chair, said certain fiscal policies could support the US economy by boosting productivity growth.

Speaking to the Council on Foreign Relations, he said: "Some combination of improved public infrastructure, better education, more encouragement for private investment, and more effective regulation all likely have a role to play in promoting faster growth of productivity and living standards.

“By raising equilibrium interest rates, such policies may also reduce the probability that the economy, and the Federal Reserve, will have to contend more than is necessary with the effective lower bound on interest rates.”

In corporate news, shares in identity theft protection services company LifeLock soared after Symantec Corp agreed to buy it for $24 per share, or $2.3bn in enterprise value.

Headwaters also rocketed as Australia’s Boral signed a $1.86bn deal to buy the US building products company.

Facebook racked up impressive gains after the social media giant said it will hire 500 additional employees in the UK.

Tyson Foods bucked the trend, however, plunging as the meat processor’s quarterly revenue came in lower than expected and after it said chief executive Donnie Smith will step down at the end of the year.

S&P 500 - Risers
Marathon Petroleum Corporation (MPC) $47.17 +8.91%
Chesapeake Energy Corp. (CHK) $6.36 +7.07%
Range Resources Corp. (RRC) $36.40 +7.00%
Southwestern Energy Co. (SWN) $11.19 +6.17%
Freeport-McMoRan Inc (FCX) $14.51 +5.68%
Marathon Oil Corp. (MRO) $16.48 +5.51%
Wynn Resorts Ltd. (WYNN) $97.38 +5.45%
Cabot Oil & Gas Corp. (COG) $23.10 +5.24%
Alliance Data Systems Corp. (ADS) $228.64 +5.07%
EQT Corp. (EQT) $70.33 +4.75%

S&P 500 - Fallers
Tyson Foods Inc. (TSN) $57.60 -14.49%
Henry Schein Inc. (HSIC) $148.55 -5.36%
Extra Space Storage (EXR) $68.78 -2.59%
Gap Inc. (GPS) $24.99 -2.42%
TEGNA Inc (TGNA) $22.40 -2.35%
Salesforce.Com Inc. (CRM) $76.15 -2.08%
Nordstrom Inc. (JWN) $57.74 -2.04%
Alexion Pharmaceuticals Inc. (ALXN) $117.68 -1.81%
Hormel Foods Corp. (HRL) $34.94 -1.80%
Autodesk Inc. (ADSK) $75.52 -1.79%

Dow Jones I.A - Risers
E.I. du Pont de Nemours and Co. (DD) $70.07 +1.79%
Apple Inc. (AAPL) $111.73 +1.52%
International Business Machines Corp. (IBM) $162.77 +1.48%
Exxon Mobil Corp. (XOM) $86.49 +1.42%
Wal-Mart Stores Inc. (WMT) $69.37 +1.21%
Coca-Cola Co. (KO) $41.36 +1.10%
Visa Inc. (V) $81.69 +1.08%
Chevron Corp. (CVX) $110.18 +0.90%
Microsoft Corp. (MSFT) $60.86 +0.85%
Procter & Gamble Co. (PG) $82.66 +0.80%

Dow Jones I.A - Fallers
3M Co. (MMM) $171.52 -0.83%
Walt Disney Co. (DIS) $97.63 -0.62%
Cisco Systems Inc. (CSCO) $30.05 -0.43%
McDonald's Corp. (MCD) $119.50 -0.42%
Johnson & Johnson (JNJ) $115.07 -0.25%
Home Depot Inc. (HD) $128.22 -0.09%

Nasdaq 100 - Risers
Monster Beverage Corp (MNST) $43.59 +4.58%
Incyte Corp. (INCY) $108.10 +4.31%
Illumina Inc. (ILMN) $137.55 +4.31%
Facebook Inc. (FB) $121.77 +4.06%
Symantec Corp. (SYMC) $24.52 +3.24%
Broadcom Limited (AVGO) $172.58 +2.63%
Amazon.Com Inc. (AMZN) $780.00 +2.61%
Netflix Inc. (NFLX) $117.96 +2.39%
Paychex Inc. (PAYX) $57.14 +2.16%
Tractor Supply Company (TSCO) $74.38 +2.02%

Nasdaq 100 - Fallers
Henry Schein Inc. (HSIC) $148.55 -5.36%
Alexion Pharmaceuticals Inc. (ALXN) $117.68 -1.81%
Autodesk Inc. (ADSK) $75.52 -1.79%
JD.com, Inc. (JD) $26.00 -1.70%
Biomarin Pharmaceutical Inc. (BMRN) $87.50 -1.69%
Viacom Inc. Class B (VIAB) $37.21 -1.48%
Shire Plc Ads (SHPG) $175.12 -1.36%
Electronic Arts Inc. (EA) $78.26 -0.92%
Cognizant Technology Solutions Corp. (CTSH) $55.10 -0.85%
Vodafone Group Plc ADS (VOD) $25.51 -0.70%