Stocks look to edge higher on OPEC output deal

|By:, SA News Editor

Stocks are on track for a higher open, as OPEC members reached an agreement to cut oil production; S&P and Dow +0.3%, Nasdaq +0.1%.

After losing nearly 4% yesterday, U.S. crude oil now +8.1% at $48.92/bbl and Brent +8.6% at $50.38/bbl ahead of an official confirmation from OPEC, which means crude may remain volatile.

In Europe, U.K.'s FTSE +0.9%, France's CAC +0.8% and Germany's DAX +0.3%; in Asia, Japan's Nikkei finished flat, while China's Shanghai Composite closed -0.9%.

In today's heavy batch of U.S. economic data, ADP's employment report showed an increase of 216K jobs in November, well above expectations, while October personal income beat estimates and personal spending fell short.

U.S. Treasury prices are at their morning lows, with the 10-year yield rising 10 bps to 2.39%.

Still ahead: Chicago PMI, pending home sales, EIA petroleum inventories, Fed Beige Book