US indexes hold near record highs as energy stocks jump

NEW YORK (AP) — U.S. indexes held near record highs early Monday after big gains for energy stocks offset losses in other areas of the market.

Oil prices soared after more nations agreed to production cuts in an attempt to mitigate a global oversupply of crude.

Crude jumped to its highest price since the summer of 2015 after OPEC persuaded 11 other oil-producing nations to cut production.

The agreement is intended to further raise the price of oil after a two-year slump that has hurt the government finances of Russia, Saudi Arabia and other major oil producers.

Expectations of higher inflation in the economy, as well as stronger economic growth, have driven bond yields higher since Donald Trump's surprise victory last month in the U.S. presidential election.

The central bank has held interest rates at close to zero since the Great Recession in hopes of driving economic growth, though the low rates have also squeezed savers looking for income from bank accounts and bonds.