Stocks Opened Higher as Oil Rallied

U.S. stocks opened higher on Monday, boosted by gains in oil prices ahead of key monetary policy decisions from the Federal Reserve expected later this week. The Dow Jones Industrial Average lately added 105.80 points, or 0.58%, to 18,229.60. The S&P 500 gained 10.92 points, or 0.51%, to 2,150.08. The Nasdaq Composite rose 24.02 points, or 0.46%, to 5,268.59.

Oil prices rallied on Monday, after Venezuela said a deal to stabilize the global oil supply is imminent between nations inside and outside the Organization of the Petroleum Exporting Countries. Light, sweet crude futures for delivery in October jumped 61 cents, or 1.4%, to $43.63 a barrel, while November Brent crude rose 48 cents, or 1.1%, to $46.26 a barrel.

Gold prices rose on Monday as the dollar slipped but gains were capped by jitters ahead of a U.S. Federal Reserve monetary policy meeting and a rise in U.S. government bond yields. Spot gold was 0.3 percent higher at $1,314.50 an ounce at 1120 GMT compared with a low of $1,306.26 hit on Friday.

Eldorado Resorts Inc. on Monday said it agreed to buy fellow casino operator Isle of Capri Casinos Inc. for about $950 million in cash and stock in a deal that more than doubles the number of gaming locations Eldorado operates.

Tech Data Corp. will buy Avnet Inc.’s technology solutions unit for about $2.6 billion, helping establish its foothold in Asia. The deal includes $2.4 billion in cash and about $194 million in Tech Data stock.