The S P 500 and the Nasdaq closed at record highs on Monday as Wall Street cheered over soaring oil prices.
The Dow Jones Industrial Average was up 85.33 points, or 0.41 percent, to 20,981.94. The S P 500 rose 11.42 points, or 0.48 percent, to 2,402.32.
The Nasdaq Composite Index gained 28.44 points, or 0.46 percent, to 6,149.67.
Oil prices rallied on Monday, after the Saudi Arabian and Russian energy ministers said that an OPEC-led crude production cut would be extended from the middle of this year until March 2018.
OPEC is due to meet in Vienna on May 25.
The West Texas Intermediate for June delivery jumped 1.01 U.S. dollars to settle at 48.85 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 0.98 dollar to close at 51.82 dollars a barrel on the London ICE Futures Exchange.
Meanwhile, this earnings season has been strong so far. The latest data from Thomson Reuters showed that the S P 500 companies' blended earnings in the first quarter of 2017 are expected to rise 14.7 percent year on year, while the revenues are forecast to increase 7.3 percent.
U.S. stocks traded mixed for the last week as investors digested a batch of first-quarter earnings reports and key speeches from Federal Reserve officials.
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