Closing Bell: California Hits Wells Fargo With Sanctions; OPEC Deal Boosts Oil

U.S. stocks rocketed higher, shaking off earlier choppiness, on reports OPEC had reached an agreement on oil production. Major oil producers have agreed to limit production beginning in November, a relief to an oversupplied market. Crude oil surged on the news of an OPEC deal. West Texas Intermediate jumped more than 5% to close at its best level in roughly three weeks. Oil was already higher after a decline in U.S. inventories. Viacom (VIA.B) climbed on reports it has moved closer to a merger agreement with CBS (CBS) - Get Report . Sumner Redstone's National Amusements, the controlling shareholder of both companies, has reportedly been orchestrating negotiations between the boards. The California State Treasurer has implemented a number of sanctions against Wells Fargo (WFC) - Get Report . The year-long sanctions suspend Wells Fargo from certain activities, including underwriting state debt. TheStreet's Keris Lahiff reports from Wall Street.