Stocks Closed at Records, Oil Prices Surged

U.S. stocks rose to record highs on Monday as positive earnings and deal activity supported the markets. The Dow Jones Industrial Average rose 9.23 points, or 0.04%, to 23,548.42. The S&P 500 rose 3.29 points, or 0.13%, to 2,591.13. The Nasdaq Composite was up 22.00 points, or 0.33%, to 6,786.44.

U.S. oil futures surged Monday, as the crude market was rattled by political disruptions over the weekend in Saudi Arabia that saw officials and members of the royal family detained. December West Texas Intermediate crude closed up $1.71, or 3.1%, to $57.35 a barrel. January Brent crude gained $2.20, or 3.5%, to end at $64.27 a barrel.

Broadcom Ltd. Chief Executive Officer Hock Tan is gearing up for what could be a lengthy and bruising hostile takeover battle to clinch his $105 billion offer for Qualcomm Inc., the largest-ever tech deal.

Rupert Murdoch’s Twenty-First Century Fox film and television conglomerate has held talks to sell most of the company to media giant Walt Disney Co, CNBC reported on Monday, citing unidentified people familiar with the matter.