Closing Bell: OPEC reportedly reached a deal to limit production

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September 28, 2016

Stocks bounced into the green on Wednesday after Reuters reported that OPEC reached a deal to limit oil production.

The energy sector gained 3.9%, the most among the S&P 500's 11 sectors as of 2:28 p.m. ET.

First up, the scoreboard:

Dow: 18,339.24, +110.94, (+0.61%)
S&P 500: 2,171.37, +11.44, (+0.53%)
Nasdaq: 5,318.55, +12.84, (+0.24%)
WTI Crude: $46.98, +$2.31, (+5.2%)
1o-year yield: 1.572%, +0.016

OPEC reportedly reached a deal to limit production, after which oil prices shot through the roof. Reuters reported, citing "sources" that "OPEC had agreed to limit oil production to 32.5 million barrels per day. Once the group reaches its target, OPEC will go to non-OPEC producers for output support, once source said." Prices for Brent crude oil, the international benchmark, surged by as much 6.3% to $49.44 per barrel around 2:33 p.m. ET. Petrocurrencies, including the Russian ruble and the Norwegian krone, rallied.
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