Stocks Ended Higher; Oil Rallied to 2-week High

U.S. stocks ended higher on Monday as a jump in oil prices to a two-week high lifted Wall Street sentiment. The Dow Jones Industrial Average rose 85.33 points, or 0.41%, to 20,981.94. The S&P 500 added 11.42 points, or 0.48%, to 2,402.32. The Nasdaq Composite gained 28.44 points, or 0.46%, to 6,149.67.

Oil prices settled at a two-week high on Monday after energy ministers from Saudi Arabia and Russia released a joint statement backing a nine-month extension of OPEC-led production cuts. June West Texas Intermediate crude rallied $1.01, or 2.1%, to settle at $48.85 a barrel. July Brent gained 98 cents, or 1.9%, to end at $51.82.