Stocks Opened Higher, Oil Prices Rose

U.S. stocks opened higher on Monday as energy shares gained on the back of surging oil prices. The Dow Jones Industrial Average lately rose 197.75 points, or 0.82%, to 24,460.26. The S&P 500 gained 16.95 points, or 0.64%, to 2,680.37. The Nasdaq Composite advanced 57.83 points, or 0.80%, to 7,267.44.

U.S. oil prices pushed above the $70-a-barrel mark on Monday, as investors began to become more convinced the U.S. might take a hard line on an Iranian nuclear deal. June West Texas Intermediate crude oil rose 65 cents, or 0.9%, to $70.37 a barrel. July Brent added 52 cents, or 0.7%, to $75.39 a barrel.

Swiss-based food giant Nestle will pay Starbucks $7.15 billion in cash for the rights to sell the U.S. coffee chain’s products around the world, tying a premium brand to Nestle’s global distribution muscle.