Stocks Opened Mixed, Oil Jumped

U.S. stocks opened mixed on Monday, ahead of a Federal Reserve meeting that is expected to raise U.S. interest rates, while oil prices jumped after several non-OPEC countries agreed to join the cartel in cutting output. The Dow Industrial Average lately gained 38.04 points, or 0.19%, to 19,794.89. The S&P 500 was upo 0.02 point, to 2,259.55. The Nasdaq Composite shed 23.87 points, or 0.44%, to 5,420.63.

Oil prices surged 4% on Monday after more oil-producing nations agreed to slash production. Brent crude jumped $$2.34, or 4.3%, to $56.67 a barrel. West Texas Intermediate futures were trading up $2.42, or 4.7%, at $53.92 a barrel.

The Fed is widely expected to announce an increase in the target range for its federal funds rate to between 0.5% and 0.75% when its two-day meeting wraps up Wednesday, analysts agree.

Oil-producing nations on Saturday struck a deal to cut output along with the Organization of the Petroleum Exporting Countries, a pact designed to reduce a global oversupply of crude, lift prices and lend support to economies hurt by a two-year market slump.