Energy stocks, OPEC lift markets

U.S. stocks climbed following gains in Europe as OPEC’s plans to boost output less than some investors had anticipated sent oil on a tear. Energy shares surged.

The S&P 500 index rose the most in a week. Treasuries steadied and the dollar slumped, while a gauge of emerging-market currencies climbed from its lowest level since November.

The benchmark U.S. gauge posted its first weekly loss in more than a month as traders contended with an escalation of trade tensions, just as the Federal Reserve signals a faster pace of policy tightening.