Investing.com -- U.S. stocks surged to fresh all-time record closing highs on Monday, as materials rose sharply and crude futures soared to its highest level in three weeks following market moving comments from Russia's energy minister.
Earlier on Monday, both WTI and Brent crude rose by nearly 3% after Russia energy minister Alexander Novak suggested that his nation could be open to holding discussions with major producers from OPEC in the coming weeks in an effort to stabilize persistently low oil prices on the global marketplace. Last week, Saudi Arabia energy minister Khalid Al-Falih triggered a rally in crude futures with bullish comments that producers from the Middle East could hold informal talks on the sidelines of a summit next month in Algeria.
The Dow Jones Industrial Average rose 59.58 or 0.32% to 18,636.05, while the NASDAQ Composite index added 29.12 or 0.56% to 5,262.02, each extending the current seven-week high. The S&P 500 Composite index, meanwhile, jumped 6.10 or 0.28% to 2,190.15, as eight of 10 sectors closed in the green. Stocks in the Basic Materials, Energy and Financials industries led, each gaining more than 0.5% on the session. Stocks in defensive sectors such as Utilities and Telecommunications led on Monday, each closing lower for the session.
The top performer on the Dow was EI du Pont de Nemours and Company (NYSE:DD), which gained 0.98 or 1.45% to 68.64. Shares in DuPont (NYSE:DD) rose considerably on Monday after antitrust regulators in the European Union launched a comprehensive probe of the multinational conglomerate's $122 billion merger with DOW. The investigation comes amid concerns of elevated seed and crop pricing throughout the Eurozone due to the possibility of reduced competition from the merger. The European Commission is expected to issue a decision by December 20. The worst performer was UnitedHealth Group Incorporated (NYSE:UNH), which fell 1.26 or 0.88% to 141.62. UnitedHealth finished just below Wal-Mart Stores Inc (NYSE:WMT), which lost 0.57 or 0.77% to 73.32. Shares in the retail giant are virtually flat since last week's $3 billion acquisition of Chinese e-commerce company Jet.com.
The biggest gainer on the NASDAQ was Micron Technology Inc (NASDAQ:MU), which added 0.60 or 4.02% to 15.53. Micron shares moved higher on Monday after analysts at MKM Partners raised its target on the Boise, Idaho-based semiconductor to $21 a share. More broadly, the Philadelphia Semiconductor Index hit a 16-year high in Monday's session as Apple Inc (NASDAQ:AAPL) shares jumped to an intraday high of 109.54, its highest level in four months. Apple shares received a boost from a New York Times' report that the tech giant could partner with Twitter Inc (NYSE:TWTR) to offer live streaming of NFL Thursday Night Football games this fall. Earlier this spring, Twitter inked a multi-year deal with the NFL to stream the regular season games in the coveted primetime spot. Elsewhere, Warren Buffett's Berkshire Hathaway (NYSE:BRKa) said in an SEC filing on Monday that it has increased its stake in the tech giant by 55%. The worst performer was Netflix Inc (NASDAQ:NFLX), which fell 1.28 or 1.33% to 95.31.
Meanwhile, shares in GoPro Inc (NASDAQ:GPRO) surged as much as 11% to a seven-month high at 16.25 before falling slightly back to 15.61, up 1.31 or 9.16% on the session. Go Pro shares have rallied more than 70% in recent months as investors await the release of the company's Karma Drone and Hero 5 Camera in the coming weeks.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 1,933-1,052 margin.