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Major Stock Indexes Rip to Record Closing Highs

U.S. equities closed higher on Monday, led by energy stocks, as oil prices rose on renewed optimism that OPEC was closing in on a deal to cut production.

"I don't know if it will happen, but the market certainly hopes that it will," said Robert Pavlik, chief market strategist at Boston Private Wealth, referring to a possible OPEC deal.

The three major indexes closed at record highs simultaneously for the first time since this past summer. The Dow Jones industrial average rose around 88 points, surpassing previous closing and intraday records of 18,923.06 and 18,934.05, respectively.

Related: Wall Street at Record Highs as Techs, Energy Stocks Rally

The S&P 500 topped its all-time intraday high of 2,193.81, hit on Aug. 15, during midday trade and closed at a record high, as the energy sector gained 2.2 percent. The Nasdaq composite advanced 0.89 percent, also posting records on a closing and intraday basis.

The Russell 2000 and the S&P Mid Cap 400 indexes, which track small and mid cap stocks, respectively, also hit record highs.

"I think oil, and commodities in general, are leading the way for stocks," said Peter Cardillo, chief market economist at First Standard Financial. He also said that crude prices received a boost from a weaker dollar.

Later this week, which will be shortened by the Thanksgiving holiday on Thursday, the Fed is scheduled to release the minutes of its November meeting. That said, the minutes are likely to have little impact on the market since the odds of a rate hike next month are so high, said Randy Frederick, vice president of trading and derivatives at Charles Schwab.