Stocks Opened Higher on Stimulus Hopes

U.S. stocks opened higher on Monday, as improving stimulus prospects helped outweigh concerns over still-rising coronavirus cases. The Dow Jones Industrial Average lately rose 92.60 points, or 0.32%, to 28,698.91. The S&P 500 was up 16.87 points, or 0.48%, to 3,500.68. The Nasdaq Composite gained 83.53 points, or 0.72%, to 11,755.08.

Oil futures traded near unchanged Monday as investors monitored accelerating COVID-19 infections in the U.S. and Europe, while a meeting of an OPEC+ committee will be closely watched by investors for clues to any further steps by major producers on the supply front. West Texas Intermediate crude for December delivery was up 1 cent at $41.13 a barrel. December Brent crude was off 3 cents, or 0.1%, at $42.90 a barrel.

Lawmakers over the weekend delivered remarks that helped stoke optimism that a last-ditch effort to pass legislation for more virus-relief aid would come about before Election Day on Nov. 3.

ConocoPhillips (COP) on Monday agreed to buy U.S. shale oil producer Concho Resources Inc (CXO) for $9.7 billion, as the energy sector continued to consolidate amid lower fuel prices and demand.