Stocks Opened Higher, Energy Shares Rallied

U.S. stocks opened higher on Monday, with energy shares among the biggest gainers of the day after Saudi Arabia and Russia called for an extension to OPEC’s production-cut deal. The Dow Jones Industrial Average lately rose 65.36 points, or 0.31%, to 20,961.97. The S&P 500 rose 8.68 points, or 0.36%, to 2,399.58. The Nasdaq Composite added 22.35 points, or 0.37%, to 6,143.58.

Oil hit a three-week high on Monday above $52 a barrel after top exporter Saudi Arabia and Russia said supply cuts needed to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than originally agreed. Brent crude had risen $1.50 to $52.34 a barrel by 1152 GMT and traded intraday at $52.52, the highest since April 24. U.S. crude was up $1.43 at $49.27 a barrel.

The worldwide “ransomware” cyberattack spread to thousands more computers on Monday as people across Asia logged in at work, disrupting businesses, schools, hospitals and daily life. But no new large-scale outbreaks were reported, and British officials said a feared second wave of infections had not materialized.

Thermo Fisher Scientific Inc. (TMO) said Monday it has agreed to acquire Patheon N.V. (PTHN) for $35 a share, or $7.2 billion including $2 billion of net debt.

Major U.S. multinationals are pushing the Trump administration to deepen the tax break it has already tentatively proposed on $2.6 trillion in corporate profits being held offshore, a key piece in Washington’s intricate tax reform puzzle.

JPMorgan Chase (JPM) has agreed to buy a Dublin building with room for 1,000 staff in the first sign of a financial services company expanding significantly in Ireland since the government began a major campaign to attract firms in the wake of Brexit.