* Oil prices rise to near five-week high
* 216,000 jobs added in U.S. private sector this month -
* October consumer spending up 0.3 pct vs. est. 0.5 pct
* Apple, Amazon weigh on Nasdaq
* Dow up 0.3 pct, S&P up 0.13 pct, Nasdaq down 0.4 pct
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
Nov 30 Gains in energy and bank stocks drove the
Dow and the S&P 500 to record intraday highs on Wednesday, but
losses in technology stocks dragged down the Nasdaq.
OPEC agreed to cut production to 32.5 million barrels per
day, Kuwait's oil minister said. The cuts include Iraq reducing
output by 200,000 bpd to 4.351 million beginning in January. Oil
was up 7.8 percent to a near five-week high.
The S&P 500 energy sector rose 3.9 percent, after
hitting a 17 month high, boosted by gains in Exxon and
Chevron. Eighteen of the top 20 percentage gainers on
the S&P 500 index were energy stocks.
"I suspect this move in oil is probably temporary and may
not last very long, but it is giving a boost to the market,"
said Randy Frederick, vice president of trading and derivatives
at Charles Schwab.
November is set to be Wall Street's best month since March,
with the markets rallying on Donald Trump's victory in the U.S.
Investors expect the market to benefit from Trump's
policies, including higher spending on infrastructure and
simpler regulations in the healthcare and banking industries.
Steven Mnuchin, Trump's pick for Treasury secretary, told
CNBC that tax reforms and trade pact overhauls would be top
priorities of the Trump administration.
U.S. private employers stepped up hiring in November and
consumer spending increased last month, the latest signs of
economic strength that could further cement the case for an
interest rate hike.
Traders have currently priced in an 89 percent chance of the
Fed raising rates at its meeting next month, according to
Thomson Reuters data. A crucial monthly hiring report on Friday
is likely to play a big role in the central bank's
The financial index rose 1.2 percent, while
bond-proxy sectors such as utilities and real estate
were on a sell-off mode.
"Since the election, interest rate prospects in the market
have been moving up, and all the economic numbers we got today
were good," Frederick said.
At 11:05 a.m. ET the Dow Jones industrial average was
up 57.86 points, or 0.3 percent, at 19,179.46. It hit an
all-time high of 19,225.29
The S&P 500 was up 2.83 points, or 0.13 percent, at
2,207.49 after hitting a record of 2,214.10.
The Nasdaq Composite was down 21.30 points, or 0.4
percent, at 5,358.61, weighed down by Apple and
GoPro rose 3.3 percent after the wearable camera
maker said it would cut 15 percent of its workforce and shut its
Teen apparel retailer American Eagle Outfitters
dropped 13.5 percent to $16.35 after providing a disappointing
profit forecast for the crucial holiday quarter.
Declining issues outnumbered advancers on the NYSE by 1,541
to 1,335. On the Nasdaq, 1,426 issues fell and 1,243 advanced.
The S&P 500 index showed 52 new 52-week highs and one new
lows, while the Nasdaq recorded 137 new highs and 24 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by