US stocks close at record highs and oil climbs

US stocks closed at record highs, as traders began to turn their attention to two major economic events later this week.

The S&P 500 rose 0.3 per cent, with utilities and energy sectors the benchmark index’s best-performing sectors. The Nasdaq Composite increased 0.4 per cent, with five Magnificent Seven stocks advancing.

Oil prices climbed. International benchmark Brent crude rose 2.5 per cent to $81.63 a barrel, its biggest one-day gain since March.

On Wednesday, traders will watch for US inflation data from May, and an interest rate decision from the Federal Reserve. Traders do not expect the US central bank to cut rates, but they will be paying close attention to an updated “dot plot”, which will provide guidance on Fed officials’ long-term outlook on interest rates.