Stocks Opened Higher, Oil Rallied

U.S. stocks opened higher on Monday as crude-oil prices extended last week’s OPEC-inspired rally. The Dow Jones Industrial Average lately rose 79.98 points, or 0.42%, to 19,250.40. The S&P 500 gained 10.69 points, or 0.49%, to 2,202.64. The Nasdaq Composite advanced 24.80 points, or 0.47%, to 5,280.45.

Brent crude oil prices rose above $55 a barrel on Monday, trading at a fresh 16-month high, on rising prospects of a tightening market after OPEC members agreed on a landmark deal to cut production last week. Brent crude oil futures soared to their highest since July 2015 to $55.33 a barrel. WTI crude oil traded up 50 cents, also 1 percent, at $52.18 a barrel.

Federal Reserve Bank of New York President William Dudley signaled that he approves of higher interest rates over time as the economy continues to improve, while cautioning that fiscal and monetary policy need to work together to secure the longer-term outlook.

President-elect Donald Trump intends to nominate retired neurosurgeon Ben Carson to run the Department of Housing and Urban Development, an unconventional choice that underscores Trump’s willingness to forgo traditional policy expertise in some Cabinet positions to surround himself with allies.