Wall Street closes at record highs as crude prices soar
Crude prices up more than 3 percent on hopes of extending cuts
New York
By Ovunc Kutlu
NEW YORK
Two of the three indexes on Wall Street closed at record-highs with a rally by crude oil prices.
The Dow increased 100 points to finish trading at 21,613.
The S&P rose seven points to end the day at 2,477 and the Nasdaq added one point to 6,412. Both indexes closed the day at all-time highs.
American benchmark West Texas Intermediate traded 3.4 percent higher at $47.91 at the closing bell. International benchmark Brent crude was at $50.20 -- a 3.3 percent gain.
OPEC and non-OPEC nations met Monday in Russia to discuss further production cuts to rid the glut of supply in the global market.
Saudi Arabia's Energy Minister Khalid Al-Falih said after the meeting the kingdom would cut exports to 6.6 million barrels per day (mbpd) in August -- 1 mbpd less than the same month last year.
Russian Energy Minister Alexander Novak said his country suggests extending the oil cut agreement between OPEC and non-OPEC nations beyond the March 2018 deadline.
