US stocks leap higher amid OPEC deal-led optimism

Major US equity indices inched higher on Wednesday, with the Dow Jones Industrial Average (DJIA) opening at record levels amid OPEC output cut-led optimism. Surging oil prices on the back of reported agreement among major oil producers to cut production (further details awaited) at the much anticipated OPEC meeting in Vienna, boosted investor sentiment and lifted the energy sector.

During opening hour of trading, DJIA gained nearly 100-points and rose to 19,220, while the broader S&P 500 index added 9-points to 2,214. Meanwhile, tech-heavy Nasdaq Composite index underperformed the broader markets and edged higher by 5-point to 5,385.

On economic data front, ADP report showed US private sector added 216K new jobs during the month of November. The number surpassed consensus estimates and was much stronger-than October's 119K (revised lower from 147K previously reported). Upbeat ADP report has now raised barrier for Friday's official NFP data, which even if manages to break the chain of three consecutive months of disappointing headline number would reflect the underlying strength in the US labor market and further boost investor confidence.

In currency markets, the overall US Dollar Index regained traction and has now moved back above 101.0 mark. Stronger greenback is weighing on dollar-denominated commodities - like gold, which is now heading back towards 9-1/2 month low touched in the previous week.