The Dow Jones industrial average was up about 85 points, or 0.5%, in early trading and set a new intraday record of 18,667.52.
The Standard & Poor's 500 index and the Nasdaq composite index also hit new all-time highs. The S&P 500 rose 0.4% and hit a high of 2193.49 and the Nasdaq jumped 0.6% to its new record of 5265.62.
As oil prices ticked upward amid more reports that the Organization of the Petroleum Exporting Countries is considering a production freeze, energy stocks enjoyed the strongest performance among major industry sectors. The Dow Jones U.S. Oil & Gas Index rose 0.9%.
The price of West Texas Intermediate crude oil, the U.S. benchmark, rose 2.4% to $45.59. The price of Brent crude oil, the global benchmark, rose 1.2% to $47.52.
The yield on the 10-year Treasury note rose to 1.54% from 1.51% Friday.
Investors will be watching this week for clues on future interest rate hikes as the Federal Reserve releases the minutes from its July policy meeting on Wednesday. The Fed said in its post-meeting statement that “near-term risks to the economic outlook diminished” which sparked speculation that policymakers could raise rates as soon as September.
But economic growth continues to be lackluster and the Fed gave no clear signal on its intentions.
Overseas, European markets were higher as Britain's FTSE 100 was up 0.5% and Germany's DAX index gained 0.2%. Japan's Nikkei 225 was down 0.3% and Hong Kong's Hang Seng jumped 0.7%.
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