Stocks Closed at Records

U.S. stocks closed at a fresh record on Friday as a spike in oil prices supported energy shares and investors renewed their optimism about President Donald Trump’s economic agenda. The Dow Jones Industrial Average added 96.67 points, or 0.48%, to 20,269.37. The S&P 500 climbed 8.23 points, or 0.36%, to 2,316.10. The Nasdaq Composite rose 18.95 points, or 0.33%, to 5,734.13. All three benchmarks set new records for a second day in a row.

Oil prices on Friday scored their highest finish since the start of the month after the International Energy Agency lifted its forecast for global-oil demand and estimated strong compliance with OPEC’s pledge to cut output.March West Texas Intermediate crude rose 86 cents, or 1.6%, to settle at $53.86 a barrel. April Brent crude added $1.07, or 1.9%, to $56.70 a barrel.

President Donald Trump said Thursday that an announcement concerning taxes is on tap for the coming weeks, which his press secretary later said would involve an outline of a comprehensive tax plan. “Over the next two or three weeks,” Trump said during a meeting with airline executives, there will be an announcement that would be “phenomenal in terms of tax.”