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.