Wall Street closes at new highs as oil surges

NEW YORK (AA) - Wall Street ended the first trading day of the week at new record-high levels as oil prices continue to increase.

The Dow Jones jumped 59 points to end the day at 18,636. The S&P 500 gained six points to 2,190, while the Nasdaq was up 29 points to close at 5,262.

Crude oil prices continued to rise Monday with hopes OPEC and non-OPEC countries would agree at a meeting in Algeria next month to freeze or cut production levels to rid the glut in the global oil market.

At the final bell, American benchmark West Texas Intermediate traded at $45.84 -- up 2.9 percent, and international benchmark Brent crude rose 3.1 percent to $48.43.