Business

Wall Street at new record as oil prices jump 4%

NYSE traders Image copyright Reuters

(Close): Stocks on Wall Street closed at a record high as oil traded sharply higher. The Dow reached 18,956.

The price of oil jumped more than 4% on hopes that the Opec group of oil producing nations will agree to cut output when it meets next week.

Brent crude rose $2.25 to $49.11 a barrel while US light crude climbed $2.05 to $48.41 a barrel.

Oil companies were buoyed by that news, with Marathon Oil closing 5.1% higher and Exxon Mobil adding 1.3%.

All three major stock indices set new records.

The Dow Jones Industrial Average rose 88.76 points to 18,956.69, while the wider S&P 500 index closed 16.28 points higher at 2,198.18.

The tech-focused Nasdaq index jumped 47.35 points, to end the day at 5,368.86.

Shares in Facebook rose 4.1% after the social media giant announced on Friday that it was planning to buy back up to $6bn of its shares early next year.

Security software maker Symantec agreed to buy LifeLock, a company that offers protection against identity theft and fraud for $2.3bn. LifeLock's shares rose 14.7%.