The S&P 500 closed higher on Monday, recording gains for the fourth session in a row driven by energy stocks after OPEC announced a surprise production cut.
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, trimmed oil production by 1.16 million barrels per day beginning May.
On the economic data front, the ISM manufacturing PMI fell to 46.3 in March versus a reading of 47.7 in February, missing market estimates of 47.5. Construction spending fell by 0.1% month-over-month to an annual rate of $1.844 trillion in February.
Major sectors on the S&P 500 closed on a mixed note, with energy and health care stocks recording the biggest gains on Monday. However, real estate and consumer discretionary settled lower during the session.
The Nasdaq 100 fell 0.25% to close at 13,148.35 on Monday, amid losses in shares of Amazon.com, Inc. (NASDAQ:AMZN) and Tesla Inc (NASDAQ:TSLA).
Shares of Tesla dropped more than 6% on Monday following the release of production and delivery numbers.
The S&P 500 rose 0.37%, while the Dow Jones added 0.98% to 33,601.15 in the previous session.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 0.8% to 18.55 points on Monday.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.
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