Stocks traded mixed Monday, with the Dow Jones Industrial Average higher but paring gains amid a surge in oil prices and as Wall Street looked to a decision from the Federal Reserve on interest rates later in the week.

The S&P 500 was down 0.24%, after touching an intraday high of 2,264, while the Dow was up 0.09%, following stronger gains earlier in the session that boosted the index to an all-time intraday high of 19,825. The Nasdaq declined 0.73% as technology shares tumbled.

The Dow hit a record closing high on Friday of 19,756. The Dow has closed at a record 14 times since Election Day.

The energy sector was the leading sector on Monday, with the Vanguard Energy ETF (VDE) up 0.4%. Exxon Mobil (XOM) shares were up 2.1% as oil prices jumped. Meanwhile, the oil giant's CEO, Rex Tillerson, is reported to have been selected as secretary of state in President-elect Donald Trump's cabinet.

Chevron (CVX) shares rose 0.8% in trading Monday, also getting a boost from higher crude prices. Chevron has risen over 30% so far this year.

West Texas Intermediate crude oil was up 2.6% on Monday to settle at $52.83 a barrel. Brent crude, the global benchmark, traded at $55.63, up 2.4%. Oil prices traded Monday at their highest since mid-2015.

Eleven non-OPEC countries including Russia and Mexico over the weekend agreed -- for the first time in 15 years -- to reduce oil output by 558,000 barrels a day. Saudi Oil Minister Khalid Al-Falih said his country, the largest crude exporter, would cut production below its two-year level of 10 million barrels a day. This follows an OPEC agreement last month to slash output by 1.2 million barrels a day.

Tech, industrial and utility stocks were lagging. Apple (AAPL) shares fell 0.8% while, Amazon (AMZN)  dropped more than 1% and Facebook (FB)  declined 1.5%.

Transportation stocks took a hit as the price of oil increased, American Airlines (AAL)  fell 3.8%, Delta Air Lines (DAL)  is down 3.6%, and Southwest Airlines (LUV)  dropped 1%. 

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The yield on the 10-year Treasury rose 0.8% to 2.49%. Earlier, the yield touched 2.53%, a nearly 27-month high, as investors sold off bonds in anticipation of an interest rate increase from the Federal Reserve later this week.

The economic calendar in the U.S. is light Monday but picks up Tuesday when the Federal Open Market Committee will gather for its two-day meeting. It's a near certainty that the Fed's policy-setting committee will lift interest rates for the first time since last December. The likelihood of a rate increase is 97.2%, according to CME Group fed funds futures.

"I think the Fed really wants to be proactive in popping any potential bubbles going forward," Peter Nigro, Bryant University professor and finance department chair, said in a phone interview. "Right now I think there is a lot of optimism to his [Trump's] tax cut proposals that will likely gain traction as well as his thoughts on regulations, but it will be interesting to see once he takes office how successful he is at implementing those policies and that will impact the Fed as well." 

Nigro said that if market conditions persists he expects the Fed to raise interest rates two or three time during 2017.

Chipotle Mexican Grill's (CMG) founder Steve Ells was named the sole CEO of the fast food chain, the company announced Monday. Shares of Chipotle were up 3.5% in midday trading. Ells will remain the chairman of the board, while co-CEO Monty Moran will step down immediately.

Viacom's (VIAB) class B shares were down 8.4% as CBS Vice Chair Shari Redstone ended talks to merge with CBS (CBS) . CBS shares were down 0.5%.

Lockheed Martin (LMT) shares were down 2.6% to $252.281 after President-elect Donald Trump tweeted that costs for the aerospace defense company's F-35 program were out of control.

"Billions of dollars can and will be saved on military (and other) purchases after January 20th," Trump tweeted Monday morning.

Boeing (BA)  was down 0.13% midday Monday after Iran Air finalized a deal on Sunday to buy $16.6 billion worth of Boeing passenger planes, including 50 single-aisle, narrow-body Boeing 737 Max 8s, and 30 777s, a wide-body, twin-engine plane. Iran's aviation industry has been hobbled for years by sanctions, which have prevented the country from buying new planes from Boeing and Europe's Airbus.

Lonza Group (LZAGY) , a Swiss drugmaker, confirmed on Monday it's in advanced talks with private-equity firm KKR & Co. (KKR) to acquire Capsugel, a U.S. maker of capsule products and other drug delivery systems for nearly $5 billion. According to Reuters, a deal could be reached this week. Shares of Lonza were down 5.3%.

Newell Brands (NWL) agreed to buy Sistema Plastics of New Zealand, a maker of food-storage containers, for $470 million. Newell also announced it would buy Smith Mountain Industries, a maker of candles, for $100 million. Shares of Newell were up 1.6% to $46.26 Monday.

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Ophthotech (OPHT) shares fell 85.5% Monday after the company announced negative results from two late-stage clinical trials of its eye drug Fovista.

Alexion Pharmaceuticals (ALXN) fired its CEO and chief financial officer Monday amidst an internal probe into allegations of improper sales practices tied to its top-selling drug Soliris. The stock tumbled 14.2%.

Class A shares of Twenty-First Century Fox (FOXA)  were down over 7% following reports that Sky (SKYAY)  minority shareholders and a major holder may vote against the deal saying the $23.22 billion offer from Fox was to low, Reuters reported. Fox shares were down 6.9% while Sky shares fell 1% in afternoon trading.

Verifone Systems (PAY) is expected to report fiscal fourth-quarter earnings after the closing bell on Monday.

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