It was another record-making trifecta for Wall Street on Monday as stocks got a big boost from another rally in crude oil.
The S&P 500 added 0.28%, closing at 2,190, above its previous record of 2,184 set on Thursday. The Dow Jones Industrial Average rose 0.32% to 18,635, above its Thursday record of 18,576. The Nasdaq increased 0.56% to 5,262, its best level since hitting a record 5,232 on Friday. All benchmark indexes hit all-time intraday highs earlier in the session.
Crude oil moved higher for the third straight day on high hopes for a production freeze agreement from major oil-producing countries. Reports suggested Russia's energy minister has been in talks with Saudi Arabia to achieve oil market stability. The Organization of Petroleum Exporting Countries is set to meet next month.
West Texas Intermediate crude oil, the U.S. benchmark, closed 3.19% higher at $45.91 a barrel, its best settlement since July 20.
"As gossip of production cuts from OPEC resurface, the Russian energy minister Alexander Novak stated that Russia is interested in entering into production negotiations," said Daniel Holder, commodity analyst at Schneider Electric. "The chance of a global coordinated cutback is a bullish factor."
The S&P 500 ended last week just points from another new record as disappointing data on Friday failed to overshadow a blockbuster Thursday. A surge in crude oil and better-than-expected quarterly performance from the retail space helped to drive benchmark indexes to record closes on Thursday, the first time the S&P 500, Nasdaq and Dow have all beaten records on the same day since 1999. The Nasdaq also netted a new record close on Friday afternoon with minor gains.