NEW YORK, May 22 (Xinhua) -- U.S. stocks ended higher on Monday as oil prices rose on supply curb deal extension, and investors awaited speeches from Fed officials.
The Dow Jones Industrial Average jumped 89.99 points, or 0.43 percent, to 20,894.83. The S&P 500 rose 12.29 points, or 0.52 percent, to 2,394.02. The Nasdaq Composite Index gained 49.92 points, or 0.82 percent, to 6,133.62.
Oil prices went up as the market expected major producers to agree to extend a supply curb deal later this week and may even deepen the production cuts.
The West Texas Intermediate for June delivery increased 0.40 U.S. dollars to settle at 50.73 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 0.26 dollar to close at 53.87 dollars a barrel on the London ICE Futures Exchange.
Meanwhile, investors were closely watching for the speeches from Fed officials. Federal Reserve Board Governor Lael Brainard, Minneapolis Federal Reserve President Neel Kashkari, Philadelphia Federal Reserve Bank President Patrick Harker, and Chicago Federal Reserve Bank President Charles Evans are set to deliver speeches later on Monday.
Wall Street also looked ahead to the release of the minutes from the Federal Reserve's meeting in May.
Market expectations for a June rate hike were 78.5 percent, according to the CME Group's FedWatch tool.
In corporate news, Ford Motor Company is said to be replacing Chief Executive Officer Mark Fields with turnaround specialist Jim Hackett as the automaker looks to change its strategy.
Shares of Ford rose 2.12 percent to close at 11.10 dollars on Monday.
There are no major economic data due Monday.
