Rising energy stocks help send S&P 500 to record

NEW YORK (AP) - A spurt in oil prices on Monday revived energy stocks, which have been among the year's worst performers, and helped push the broader market back to record highs.

The Standard & Poor's 500 index climbed 11.42 points, or 0.5 percent, to 2,402.32, edging past its prior record set last week.

The Dow Jones industrial average gained 85.33 points, or 0.4 percent, to 20,981.94, the Nasdaq composite gained 28.44, or 0.5 percent, to 6,149.67 and the Russell 2000 index of smaller stocks rose 11.15 points, or 0.8 percent, to 1,393.92.

Energy stocks helped lead the way after the price of oil jumped on expectations the global glut of crude may ease.

A wide group of oil-producing countries has already cut production in hopes of supporting the price of oil, and Russia and Saudi Arabia said they want to extend the cuts through the first three months of 2018. Benchmark U.S. crude rose $1.01, or 2.1 percent, to settle at $48.85 per barrel. Brent crude, the international standard, rose 98 cents to $51.82 a barrel.

The price of oil has swung sharply in recent years, from more than $100 three years ago to less than $30 last year, as concerns wax and wane that supplies will overwhelm demand.

Monday's rise for crude helped oilfield services provider Halliburton jump $1.37, or 3 percent, to $46.51 for one of Monday's biggest gains in the S&P 500. Energy companies across the index rose 0.6 percent.

Companies that produce metals and other basic materials, along with financial stocks, were also strong.

The day's rally continued a calm push higher for stocks in recent weeks. Markets around the world have been making modest, methodical gains as investors shrug off a long list of potential concerns.