Stocks Closed Higher as Oil Jumped

U.S. stocks closed higher on Wednesday as oil prices surged on reports of an OPEC deal that would freeze production. The Dow Jones Industrial Average rose 110.94 points, or 0.61%, to 18,339.24. The S&P 500 gained 11.44 points, or 0.53%, to 2,171.37. The Nasdaq Composite climbed 12.84 points, or 0.24%, to 5,318.55.

OPEC on Wednesday reached an understanding that a crude-oil-production cut is needed to lift petroleum prices, but the cartel will wait until November to complete a plan to tackle a supply glut that has lasted longer than expected.

Oil futures rallied to new session highs on Wednesday after Reuters reported that the Organization of the Petroleum Exporting Countries has reached a deal to limit crude production. November West Texas Intermediate crude futures jumped $2.11, or 4.7%, to trade at $46.78 a barrel. Brent crude was up $2.41, or 5.2%, at $48.38 a barrel.

Federal Reserve Chair Janet Yellen was thrust into the election-year boxing ring during a congressional committee hearing on Wednesday, defending the central bank’s regulatory role, taking and landing punches on Wells Fargo and other banks considered too big to fail, and addressing accusations of political conflicts of interest.