Wall Street scored a trifecta of record closes on Monday as a crude oil rally gave stocks an across-the-board boost.
The S&P 500, Dow Jones Industrial Average, and Nasdaq each scored their own record close, the first time all have done so on the same day since mid-August. The three had previously closed at records simultaneously back in 1999.
The S&P 500 gained 0.75% to trade at a record of 2,198. The Dow rose 0.47% to 18,956 and the Nasdaq was higher by 0.89%, finishing at 5,368.
Crude oil prices surged on Monday after Russian President Vladimir Putin suggested a willingness to agree to a production freeze deal with Organization of Petroleum Exporting Countries.
"We will do everything that our partners from OPEC are expecting," Putin told reporters after an Asia-Pacific Economic Cooperation summit. "To freeze crude production is not an issue for us."
Putin also said there was a "high probability" that OPEC can agree on a production freeze details at a meeting in Vienna scheduled for Nov. 30. Iraq's oil minister, Jabbar al-Luaibi, added to optimism over the weekend after alluding to a number of new proposals that will be presented at the meeting in order to secure a deal. The alternatives "will make it easier for OPEC members to make a decision," he told The Wall Street Journal.
"At least some of this talk refers to a 'production freeze' which in our view wouldn't be enough to rebalance the market," Tim Evans, energy futures specialist at Citi, wrote in a note. "A 'freeze' might be more agreeable to oil producers, but significant cuts are needed if the market is to begin drawing down excess inventories prior to the second half of 2017."