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Benchmarks finished in the green on Monday following strong surge in oil prices and sell-off in the dollar. Rising hopes over a possible crude production cut by OPEC members boosted oil prices, which in turn had a positive impact on energy and material stocks. Also, pullback in the greenback pushed the indexes upward. All the three key U.S. indexes reached their highest level since Aug 15.

For a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street article.

The Dow Jones Industrial Average (DJI) increased 0.5%, to close at 18,956.69. The S&P 500 rose 0.8% to close at 2,198.18. The tech-laden Nasdaq Composite Index closed at 5,368.86, gaining 0.9%. The fear-gauge CBOE Volatility Index (VIX) fell 3.4% to settle at 12.42. A total of around 6.7 billion shares were traded on Monday, lower than the last 20-session average of 8.1 billion shares. Advancers outpaced declining stocks on the NYSE. For 72% stocks that advanced, 24% declined.

What Boosted the Benchmarks?

Oil prices jumped yesterday following speculations that the major OPEC members including non-OPEC member Russia will reach a deal to curtail crude production by the end of this month. Moreover, countries like Iraq and Iran, who were previously unwilling to limit crude production, also backed the deal. Iran’s oil minister Bijan Zangeneh said “it is highly likely that oil and energy ministers” of the OPEC members “will reach an agreement” to curb production.

Both WTI and Brent crude rose 3.9% and 4.4% to $47.49 per barrel and $48.90 a barrel, respectively and reached their highest level in last three weeks. Gains in oil prices led the Energy Select Sector SPDR (XLE) to rise 2.4% and become the best performer among the key S&P 500 sectors. Dow components Exxon Mobil Corporation (XOM) and Chevron Corporation ( (CVX - Free Report) from this sector gained 1.4% and 0.9%, respectively.

Additionally, the Materials Select Sector SPDR (XLB) advanced 1.2% and was the second biggest gainer among the S&P 500 sectors. Some of its key holdings including Dow Chemical Company (DOW - Free Report) and E. I. du Pont de Nemours and Company (DD - Free Report) rose 1.5% and 1.8%, respectively. Both the companies possess a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here .

Separately, the dollar fell yesterday primarily because the greenback became vulnerable to a sell-off after registering a rapid increase over the last ten sessions. Thin trading ahead of the Thanksgiving holiday in the domestic market also weighed on the greenback. A decline in the dollar also had a positive impact on the broader markets.

Moreover, Fed Vice Chairman Stanley Fischer echoed views of the Fed Chair and other Fed officials and said that fiscal policies help “increase the potential of the economy and help” tackle some of Fed’s “longer-term economic challenges.” He added that “by raising equilibrium interest rates, such policies may” benefit the economy.

Stocks That Made Headlines

Campbell Stock Up on Q1 Earnings Beat; View Intact

Campbell Soup Company (CPB) posted first-quarter fiscal 2017 results, wherein earnings exceeded our estimate, alongside rising year over year. (Read More)

Dollar Tree Q3 Earnings Beat Estimates, Stock Up

Dollar Tree Inc. (DLTR - Free Report) broke its negative surprise trend in third-quarter fiscal 2016 as its earnings topped estimates and improved year over year. ( Read More)

Palo Alto Networks Q1 Loss Widens; Revenues Miss

Palo Alto Networks Inc. (PANW - Free Report) reported lower-than-expected first quarter of fiscal 2017 results. ( Read More)

Beacon Roofing Misses on Q4 Earnings & Revenues

Beacon Roofing Supply, Inc. (BECN - Free Report) reported fiscal fourth-quarter adjusted earnings per share, which was lower than the Zacks Consensus Estimate. ( Read More)

Constellation Brands Declares New Buyback Plan; Stock Up

Constellation Brands Inc. (STZ - Free Report) recently announced a new share buyback program of $1 billion. (Read More)

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