US stocks are rising in midday trading, putting indexes on track to set new record highs, as the price of oil jumps and energy companies move higher. Investors were hoping that OPEC countries would soon be able to complete a deal that would cut oil production and help support prices. The gains were widespread, with technology, basic materials and utility companies all moving higher.
Yet that freakout proved short-lived, with stocks racing higher on Election Day.
The Dow, S&P 500, Nasdaq Composite and Russell 2000 all rallied together to reach all-time highs as crude oil prices surged on optimism that OPEC will agree to a supply cut deal.
All three major US stock indexes were on track to hit closing records on Monday, helped by gains in energy and other commodity-related shares and as Facebook led a jump in technology.
On Tuesday, the Dow gained 44 points or 0.25% to 19003, while the S&P rose 4 points, or 0.23% to 2203, and the Nasdaq ticked up 20 points, or 0.37% to 5388.
The S&P 500 .SPX was up 5.06 points, or 0.23 percent, at 2,203.24. Australia's S&P ASX/200 added 1.2 percent to 5,413.30 and the Shanghai Composite Index climbed 0.8 percent to 3,242.13.
Dubuisson takes 1-shot lead at World Tour Championship
That was one better than compatriot Tyrrell Hatton who made a bogey on the last hole after hitting his tee shot into the water. He added while he had not played consistently throughout the year, "at the right times I've played some great golf".
All four major USA equity benchmarks climbed to record highs as oil jumped on optimism OPEC will agree to cut output. Benchmark New York crude was up 91 cents, or 1.9 percent, at $47.25 a barrel while Brent crude, the worldwide standard rose 96 cents, or 2.1 percent, to $47.82. That led to gains for energy companies. BP, for example, was up 2.2 percent, while Total's rose 1.7 percent.
"The run-up to the Opec meeting should be a major driver of crude oil pricing near term", Citigroup Inc. analysts including Ed Morse and Daoyuan Zhou said in an e-mailed note. So whether oil prices will be enough to boost the bourse will be known in under one hour. "When all is said and done, supply and demand will ultimately dictate the price". The company also said CEO Donnie Smith will step down at the end of this year, and company president Tom Hayes will replace him.
On the earnings front, Campbell Soup (CPB), Medtronic (MDT) and Hormel Foods (HRL) reported quarterly results.
Wall Street finished slightly lower as traders took profits ahead of the Thanksgiving Day Holiday-shortened week and after two top U.S. central bank officials indicated their support for an interest rate hike, likely in December.
The US bond market has trailed behind its peers in Europe since the US election as Trump's ambitious spending plans prompted traders to ratchet up their expectations for inflation and growth. The deal values LifeLock at $24 a share.