As traders absorbed a broad-based surge that brought the S&P 500 to its greatest week since March and its highest level since August, U.S. stocks were barely changed on Monday.
After Saudi Arabia said it would further reduce output by 1 million barrels per day starting in July, oil prices increased by more than 2%. The announcement came after an OPEC and allies meeting when it was resolved to maintain current production levels through 2023.
Following good May jobs data, stocks rose on Friday to close off the week.It was the Dow’s greatest day since January as it increased 2.1%. The Nasdaq Composite increased 1.1% and scored its sixth consecutive weekly gain, while the S&P 500 gained 1.45%.
Source (CNBC)
