Stocks Closed Higher as Oil Rallied

U.S. stocks closed higher on Monday as a rally in oil prices lifted energy shares. The Dow Jones Industrial Average climbed 88.55 points, or 0.49%, to 18,329.04. The S&P 500 rose 9.92 points, or 0.46%, to 2,163.66. The Nasdaq Composite gained 36.27 points, or 0.69%, to 5,328.67.

Crude-oil futures on Monday posted their best close in more than a year as bullish comments from Russian President Vladimir Putin and Saudi Arabia’s energy minister set off a surge in prices amid a meeting of major oil producers in Istanbul to try to cement a cap on oil production. Light, sweet crude futures for delivery in November traded $1.54, or 3.1%, higher to settle at $51.35 a barrel. December Brent crude jumped $1.21, or 2.3%, to finish at $53.14 a barrel.

The Swedish Academy picked economists Oliver Hart and Bengt Holmstrom as the two winners of this year’s Nobel Prize in economics, for their work in contract theory.

Wells Fargo & Co. managers pushed bankers to sign up customers for potentially costly overdraft protection that they didn’t always need or realize they were getting, according to current and former bankers and managers.