WALL ST INCHES UP AS OIL STOCKS JUMP

U.S. stock indexes edged higher on Monday, with oil stocks gaining after mounting attacks in the Red Sea lifted crude prices, while shares of U.S. Steel rocketed after a $14.9 billion buyout deal.

The main Wall Street indexes are looking to end 2023 on a high note as signs of slowing inflation boosted expectations that the U.S. central bank will soon ease its monetary policy. The blue-chip Dow hit an all-time high for the fourth consecutive session, while the benchmark S&P 500 is nearly 1% away from its highest closing level it hit in January 2022. Oil majors Chevron (CVX.N) climbed 0.8% and Exxon Mobil (XOM.N) added 1.7% as crude prices , rallied nearly 3% as mounting attacks by the Yemeni Houthis on ships in the Red Sea disrupted maritime trade and raised concern of supply disruption. The S&P 500 energy sub-index (.SPNY) climbed 1.5%, and was among top-gainers among the 11 major S&P sectors, but is still the only major sector on course for losses quarter-to-date, down nearly 7%.

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