US stocks hit record highs as oil rises

US stocks rose to all-time highs again on Monday, extending their climb of the past few weeks.

NEW YORK (REUTERS) - The three major United States stock indexes hit all-time highs on Monday, building on the record-setting rally of the past few weeks, as oil prices rose.

Oil rose above the US$47 (S$63.2) mark and was near its one-month high, as speculation intensified that producers may try to work out ways to support prices in an oversupplied market.

The S&P 500 energy index rose 0.75 per cent and was the top percentage gainer among eight of the benchmark's 10 major indexes that were in the black.

A strong monthly jobs report on Aug 5 boosted optimism about the US economy, driving all three major indexes to close at record levels last Thursday - their first since 1999.

The S&P 500 index has notched 13 record intraday highs since July, including Monday.

At 9:38 a.m. ET (9:38 p.m Singapore time), the Dow Jones Industrial Average was up 66.36 points, or 0.36 per cent, at 18,642.83. The S&P 500 was up 6.06 points, or 0.28 per cent, at 2,190.11. The Nasdaq Composite was up 18.53 points, or 0.35 per cent, at 5,251.42.

Investors are awaiting the minutes of the Federal Reserve's July policy meeting for more clues on when it would raise interest rates.

Robust labour market data and better-than-expected quarterly earnings of US companies could prod the central bank to raise rates sometime this year. However, traders remain skeptical of a rate hike as US inflation remains below the Fed's 2 per cent target and central banks worldwide unleash stimulus programs to support their economies.

The odds of a hike stand at 9 per cent for September and rise to about 41 per cent for December, according to CME Group's Fedwatch tool.