Stocks Hit Record High on Hopes of OPEC Deal; American Eagle Shares Sink on Outlook

U.S. stocks moved slightly higher Wednesday as oil prices surged on expectations that OPEC would agree to cut production. The Dow Jones Industrial Average and the S&P 500 hit a fresh record high. The oil cartel is meeting in Vienna and a decision is expected Wednesday. A production cut would likely impact prices in the short-term, but not the long-term, analysts say. Plus, energy stocks like Exxon Mobil (XOM) - Get Report , Chevron (CVX) - Get Report and BP (BP) - Get Report moved higher. Some 216,000 private sector jobs were created in November, according to ADP, beating estimates of 160,000. The official November jobs report from the government is released on Friday. Shares of American Eagle Outfitters (AEO) - Get Report  tanked after reporting weaker than expected fourth quarter earnings guidance. The company reported a 2% increase in third quarter same store sales, missing estimates of 2.9%.