Stocks Opened Higher, Oil Jumped

U.S. stocks opened higher on Wednesday, led by the energy sector as hopes rose that the world’s major oil producers are near a deal on limiting output. The Dow Jones Industrial Average lately added 76.58 points, or 0.40%, to 19,198.18. The S&P 500 gained 5.39 points, or 0.24%, to 2,210.05. The Nasdaq Composite was down 6.19 points, or 0.12%, to 5,373.73.

OPEC has agreed its first limit on oil output since 2008, an OPEC source told Reuters after Saudi Arabia said it was prepared to accept “a big hit” on production and agree to arch-rival Iran freezing output at pre-sanctions levels.

Crude futures jumped Wednesday on production-cut hopes. crude futures for delivery in January recently traded at $48.67 a barrel. January Brent crude rose by $3.73, or 8%, to $50.15 a barrel.

The personal income of Americans rose in October at the fastest pace in six months and consumer spending continued to rise, further signs the economy started the fourth quarter on a strong note. Consumer spending rose 0.3% in October, up from a revised 0.7% rise in September, the Commerce Department reported Wednesday.