U.S. stocks rallied on the back of a jump in oil prices after reports that OPEC had reached a deal to cut production.
"The market will move on the deal but I think the expectations is that it will sort of go away," said Quincy Krosby, market strategist at Prudential Financial and former U.S. energy attaché.
The deal was first reported by Reuters in afternoon ET. U.S. crudesettled 5.33 percent higher at $47.05 per barrel on the heels of the news. Earlier, U.S. oil had traded lower after a build in gasoline stockpiles offset a draw in crude inventories.
