U.S. equities closed higher on Monday, led by energy stocks, as oil prices rose on renewed optimism that OPEC was closing in on a deal to cut production.
"I don't know if it will happen, but the market certainly hopes that it will," said Robert Pavlik, chief market strategist at Boston Private Wealth, referring to a possible OPEC deal.
The three major indexes closed at record highs simultaneously for the first time since this past summer. The Dow Jones industrial average rose around 88 points, surpassing previous closing and intraday records of 18,923.06 and 18,934.05, respectively.
The S&P 500 topped its all-time intraday high of 2,193.81, hit on Aug. 15, during midday trade and closed at a record high, as the energy sector gained 2.2 percent. The Nasdaq composite advanced 0.89 percent, also posting records on a closing and intraday basis.
"I think oil, and commodities in general, are leading the way for stocks," said Peter Cardillo, chief market economist at First Standard Financial. He also said that crude prices received a boost from a weaker dollar.
U.S. crude for December delivery rose 3.9 percent to settle at $47.49 per barrel. The U.S. dollar index, which surged 2.24 percent last week to its highest level since 2003, traded 0.26 percent lower, around 100.9.
That said, Randy Frederick, vice president of trading and derivatives at Charles Schwab, said he expects oil prices to hold in a range roughly between $40 and $50 per barrel. "We've got high supply and slow-growing demand," he said. "Any deal between OPEC would be shaky, as we've seen."