Wall Street closes at record highs as oil soars

NEW YORK (AA) – Wall Street indexes closed at record high level Thursday as oil prices increased by more than 4 percent.

The Dow Jones jumped 117 points to end the day at 18,613. The S&P 500 gained 10 points to 2,185, while the Nasdaq finished the day up 23 points to 5,228.

The three indexes finished at all-time high levels on the same day – a first since Dec. 31, 1999.

Crude prices jumped shortly after Saudi Arabia announced it would take part in OPEC's informal meeting at the end of next month in Algeria to discuss the oversupply in oil market and low prices.

The latest signal from the world's largest oil exporter is viewed by analysts that a production cut orchestrated by the Kingdom could rid the global supply glut and push prices higher.

But some analysts are skeptical about the Saudis after they left negotiations in Doha without a deal in April after another OPEC member, Iran, refused to cut its oil production.

With hopes the meeting in Algeria could work this time, American benchmark West Texas Intermediate climbed 4.1 percent to $43.37 at the final bell.

International benchmark Brent crude was up to $45.88 on a 4.2 percent increase.