NEW YORK—Stock markets around the world were mixed Monday, as a jump in oil prices threatens to add upward pressure on inflation.
The S&P 500 gained 15.20 points, or 0.4 percent, to 4,124.51, though more stocks in the index fell than rose. The Dow Jones Industrial Average climbed 327.00, or 1 percent, to 33,601.15, while the Nasdaq composite fell 32.45, or 0.3 percent, to 12,189.45.
Oil jumped 6.3 percent after Saudi Arabia and other crude-producing countries said over the weekend they would cut production. That lifted stocks of energy companies, including a 5.9 percent rise for Exxon Mobil, 9.9 percent leap for Marathon Oil and 4.3 percent gain for BP.
While oil’s jump helps energy producers, it also weighs on much of the rest of the market. Beyond raising gasoline prices and other costs for everyone, it also dents one of the main themes that helped stocks rise in this year’s just completed first quarter: that turmoil in the banking system and a continued slowdown in inflation could push the Federal Reserve to ease its hikes to interest rates….