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Midday Market Update

Global Markets Anxiously Await OPEC Deal

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U.S. Markets
U.S. markets opened in the green Wednesday after reports surfaced that the Organization of the Petroleum Exporting Countries (OPEC) had reached an agreement to reduce output.

The Dow Jones Industrial Average jumped nearly 100 points after trading opened and hit a new intraday record high. The S&P 500 followed suit and reached new levels Wednesday; both indexes look to finish November with their best monthly performances since March. Energy stocks were the catalysts for the U.S. market's movements, following increased hopefulness that supply will be cut in the oil market; crude-oil prices were also surging.

Milad Nourmohammadi does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.