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Stocks Break Higher as Crude Jumps on Saudi Support

Stocks broke from cautious trading to climb modestly higher by late Monday morning as crude oil bounced.

The S&P 500 was up 0.31%, the Dow Jones Industrial Average added 0.28%, and the Nasdaq climbed 0.48%.

Crude oil added to gains on Monday morning after Saudi Arabia voiced its support for cooperaton among members of the Organization of Petroleum Exporting Countries to stabilize prices. Key OPEC members and Russia have engaged in negotiations over a production cap in recent weeks.

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"The kingdom (of Saudi Arabia) seeks to achieve stability in the oil markets and will always remain in contact with all main producers in an attempt to limit volatility and it welcomes any cooperative action," the Saudi Arabian cabinet wrote in a statement.

Crude prices have seen volatile swings as talk among the countries' oil ministers fueled hope and skepticism a production cap agreement could be reached. West Texas Intermediate crude was up 2.4% to $33.58 a barrel on Monday morning.

A prolonged period of lower oil prices was hurting a number of oil producers. Both NRG Energy (NRG) and Consol Energy (CNX) announced cuts to their dividend payouts on Monday, following in major oiler BHP Billiton's (BHP) footsteps. BHP cut its dividend for the first time in 15 years last...