Oil Price Surge and Trump Optimism Drive Global Markets to Record Highs

Global markets are experiencing a surge due to rising oil prices and optimism surrounding Donald Trump's economic policies. Oil prices jumped 8 percent after Kuwait's oil minister announced that OPEC had agreed to cut production to 32.5 million barrels per day, sending the S&P 500 energy sector soaring by as much as 5.3 percent.

Randy Frederick, vice president of trading and derivatives at Charles Schwab, attributed the move in oil prices to a temporary boost that may not last long but is giving a lift to the market. The S&P 500 index rose 2.03 points to 2,206.69 after hitting a record high of 2,214.10.

The Dow Jones industrial average reached an all-time high of 19,225.29 and was up 68.55 points or 0.36 percent at 19,190.15. The Nasdaq Composite, however, was down 36.32 points or 0.68 percent due to declines in Apple and Amazon.com.

Steven Mnuchin, Trump's pick for Treasury secretary, stated that tax reforms and trade pact overhauls would be top priorities of the new administration. Fed Presidents Robert Kaplan and Loretta Mester appeared hawkish on rates, supporting the view that interest rate prospects have been moving up since the election.