Energy companies powered to big gains Wednesday, leading the broader stock market higher, on reports that OPEC nations were moving closer to an agreement to cut oil production.
Stocks switched between gains and losses for most of the day, and most industries did not move much. Energy companies surged at 2 p.m. Eastern time on reports that a deal was close. A two-year slump in oil prices has decimated profits at energy companies. The energy sector made its biggest gain since January.
After stock trading closed, OPEC said it had reached a preliminary deal to reduce production for the first time in eight years.
“It just creates a lot of optimism that the worst is over...