U.S. equities and stock exchange traded funds popped Monday as rising commodity prices helped lift the energy and materials sectors.
The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were 0.5% higher Monday.
Leading the charge, energy company stocks in the S&P 500 gained 1.1% as crude oil prices surged in response to Saudi Arabia and Russia’s plans to back a nine-month extension to a production cut deal originally backed by the Organization of Petroleum Exporting Countries.
“We have, before coming to this announcement today, reached out to many of our colleagues within and outside OPEC, and I think there is general consensus that this is the right approach and the right thing to do,” Saudi Arabia’s energy minister Khalid al-Falih said, according to the Wall Street Journal.