Stock indexes bust records

NEW YORK — Major U.S. stock indexes rose to record highs on Monday, led by big gains in energy companies as the price of crude oil moved sharply higher, which is positive news for the long-struggling energy sector.

Investors also applauded several corporate deals, and technology companies, which have been lagging the market in recent weeks, posted solid gains. Makers of basic materials and utility companies also climbed.

The price of oil jumped 4 percent ahead of a meeting of OPEC countries, who collectively produce more than a third of the world’s oil. OPEC has agreed on the outlines of a deal to reduce production in an attempt to support flagging oil prices, which are still far lower than they were two years ago. That would in turn lift energy company profits.

Stocks reached all-time highs over the summer and have built on those gains since the election. On Monday, the Dow Jones industrial average, Standard & Poor’s 500 and Nasdaq composite all set records. So did the Russell 2000, an index of smaller companies, and the S&P’s small- and mid-size company indexes.

The last time all those indexes set records on the same day was Dec. 31, 1999, according to Ryan Detrick, senior market strategist for LPL Financial.

The Dow rose 88.76 points, or 0.5 percent, to 18,956.69. The S&P 500 climbed 16.28 points, or 0.7 percent, to 2,198.18. The Nasdaq composite jumped 47.35 points, or 0.9 percent, to 5,368.86.

Benchmark U.S. crude oil rose to its highest price this month. It gained $1.80, or 3.9 percent, to $47.49 a barrel while Brent crude, the international standard, rose $2.04, or 4.4 percent, to $48.90 a barrel in London. That led to gains for energy companies. Marathon Oil added 86 cents, or 5.5 percent, to $16.48 and Exxon Mobil added $1.21, or 1.4 percent, to $86.49.

OPEC representatives will meet in Vienna on Nov. 30. They have agreed to preliminary terms of a deal that will trim oil production, but the details remain to be determined. Quincy Krosby, market strategist at Prudential Financial, said investors are encouraged by the effort, but she doesn’t think a deal will do much to lead to sustainably higher oil prices.

“There’s nothing to suggest the agreement’s going to hold,” she said. “When all is said and done, supply and demand will ultimately dictate the price.”

Meat producer Tyson Foods tumbled $9.76, or 14.5 percent, to $57.60. The company’s fourth-quarter profit and sales fell far short of Wall Street’s forecasts as Tyson’s chicken business struggled. The company also said CEO Donnie Smith will step down at the end of this year, and company president Tom Hayes will replace him.

Competitor Hormel Foods lost 64 cents, or 1.8 percent, to $34.94.

Small-company stocks have surged since the election. The Russell 2000 has risen for 12 days in a row.

Technology stocks also made substantial gains. They have lagged the market since the election after very strong performance over the summer. Facebook rose $4.75, or 4.1 percent, to $121.77 while online payments company PayPal advanced 55 cents, or 1.4 percent, to $40.63 and Apple picked up $1.69, or 1.5 percent, to $111.75.

Gold inched up $1.10 to $1,209.80 an ounce. Silver lost 10 cents to $16.52 an ounce. Copper climbed 5 cents, or 1.9 percent, to $2.52 a pound.

The dollar slipped after trading at 13-year highs last week. The euro rose to $1.0612 from $1.0599.