Stocks Opened Higher as Oil Soared

U.S. stocks opened higher on Monday as oil prices jumped 5 percent boosting energy companies. The Dow Jones Industrial Average lately added 197.95 points, or 1.21%, to 16,589.94. The S&P 500 rose 23.99 points, or 1.25%, to 1,941.77. The Nasdaq Composite was up 56.84 points, or 1.26%, to 4,561.27.

Oil prices rose 5 percent on Monday after the world’s oil consumer body said it expected U.S. shale production to fall this year and next. International benchmark Brent crude futures were up $1.61, or 4.9 percent, at $34.62 a barrel at 1326 GMT, while U.S. crude futures CLc1 broke through the $30-a-barrel mark, trading up $1.44, also 4.9 percent, at $31.08 a barrel.

Sysco Corp. (SYY) announced Monday an agreement to buy London-based foodservice distributor Brakes Group in a deal valued at the U.S. dollar equivalent of $3.1 billion (2.2 billion British pounds).

Certain types of laminate flooring made by Lumber Liquidators have a greater risk of causing cancer or other health problems than previously believed, U.S. health regulators said Monday.