Rally In Energy Stocks Lifts S&P 500

The S&P 500 broke out of the negative territory thanks in large part to solid gains in energy sector stock. Energy companies rallied as oil prices jumped nearly 1%, on hopes that the global cartel of oil exporters will move to tighten the market. The Organization of the Petroleum Exporting Countries is scheduled to meet on Nov. 27 and many investors hope to get an insight as to whether the cartel will reduce production to prop up prices that have fallen more than 30% since June. Among top gainers were Nabors Industries Ild. , Chesapeake Energy Corp and Murphy Oil Copr - all up more than 3%.

Copyright © 2014 MarketWatch, Inc.