By Mark DeCambre and Sue Chang, MarketWatch

Yellen testifies in front of House Financial Services Committee

U.S. stocks vaulted higher Wednesday on reports that OPEC struck a deal to freeze crude-oil output and stabilize prices.

Reuters reported that the Organization of the Petroleum Exporting Countries reached an agreement to limit crude production (http://www.marketwatch.com/story/oil-futures-rally-on-report-of-opec-output-cap-agreement-2016-09-28). Word of an agreement comes at the conclusion of a closely watched multiday meeting of major oil producers in Algeria.

Crude-oil prices for November delivery added to earlier gains, spiking 5.5% to trade at $46.99 a barrel. The exchange-traded Energy Select Sector SPDR ETF (XLE), which tracks the performance of the S&P 500's energy sector, is on track for its biggest daily rise since Feb. 17, according to FactSet data.

Oils surge helped to lift the broader market, with the S&P 500 index gaining 8 points, or 0.4%, at 2,169, led by a 4.1% rally in the energy sector.

The Dow Jones Industrial Average rose 90 points, or 0.5%, to 18,318, topped by a 4.1% advance in shares of energy giant Exxon Mobil Corp.(XOM).

The Nasdaq Composite Index picked up 5 points, or 0.1%, at 5,311.

The oil-fueled rally comes also comes as Federal Reserve Chairwoman Janet Yellen wraps up her testimony before the House Financial Services Committee and as attention has appeared to shift away from concerns about European banks, namely Deutsche Bank.

"The nice rally in crude is one of the driving forces, along with the bounce in Deutsche Bank," said Ian Winer, director of equity trading at Wedbush Securities.

Kim Caughey Forrest, senior analyst and portfolio manager at Fort Pitt Capital Group, noted that investors are cognizant of what's going on with oil prices as well as Deutsche Bank concerns.

Oil meeting: According to Reuters, OPEC agreed to limit production to 32.5 million barrels a day. Given that the production cap exceeds OPEC's average of about 30 million barrels a day some market participants were questioning whether Wednesday's oil rally was sustainable.

Read:Why China is the oil 'wild card' that could overrule any OPEC moves (http://www.marketwatch.com/story/why-china-is-the-wild-card-that-could-overrule-any-opec-moves-2016-09-27)

Meanwhile, Deutsche Bank AG's U.S.-listed shares (DBK.XE)(DBK.XE) rose following news the troubled German lender is selling an insurance business (http://www.marketwatch.com/story/european-stocks-erase-monthly-loss-as-oil-firms-deutsche-bank-rally-2016-09-28), as the country's government denied a report it is readying a rescue plan for the bank (http://www.marketwatch.com/story/german-government-preparing-rescue-plan-for-deutsche-bank-report-2016-09-28).

See:Deutsche Bank's woes not a Lehman moment, says UBS chairman (http://www.marketwatch.com/story/deutsche-banks-woes-not-a-lehman-moment-says-ubs-chairman-axel-weber-2016-09-28)

Also check out: Veteran banking analyst Dick Bove believes Deutsche Bank is 'too big to fail' (http://www.marketwatch.com/story/veteran-banking-analyst-believes-deutsche-bank-is-too-big-to-fail-2016-09-27)

The Fed front: Cleveland Fed President Loretta Mester is expected to make remarks on the economic outlook and monetary policy at a forum in the Cleveland area at 4:35 p.m. Eastern.

Kansas City Fed President Esther George will give a speech at the Forum for Minority Bankers, speaking about the economy, payments system and leadership strategies.

In other economic news, orders for durable or long-lasting goods flattened out in August (http://www.marketwatch.com/story/durable-goods-orders-lose-steam-in-august-2016-09-28)after a sizable gain in the prior month, pointing to ongoing difficulties for American manufacturers.

Read:

Other markets: European stocks rose, while Asian markets closed mostly lower (http://www.marketwatch.com/story/nikkei-leads-asia-lower-on-bank-losses-yen-strength-2016-09-28). Gold futures inched down, and a key dollar index edged up.

Stocks to watch: Shares in Tempur Sealy International Inc.(TPX) dove 24% after the mattress company lowered its 2016 guidance late Tuesday (http://www.marketwatch.com/story/tempur-sealy-shares-fall-as-2016-outlook-cut-2016-09-27).

Nike's stock lost 4.1% as the sportswear giant's quarterly report late Tuesday indicated a slowdown in growth (http://www.marketwatch.com/story/nike-sales-and-profit-rise-orders-growth-slows-2016-09-27) for a measure of future sales.

Alphabet Inc.(GOOGL)(GOOGL) was down 0.2% after Google's parent company was downgraded to underperform at Wedbush, which cited concerns about a new approach for the company's search ads (http://www.marketwatch.com/story/alphabet-shares-dip-premarket-as-wedbush-downgrades-to-underperform-2016-09-28).

BlackBerry Ltd.(BB.T) shares jumped 5.1% after the ailing smartphone company and named a new chief financial officer.

Wells Fargo & Co.(WFC) shares fell 0.1%. The embattled banking giant said late Tuesday that the company's head of community banking, Carrie Tolstedt, has left the company (http://www.marketwatch.com/story/wells-fargo-executive-departs-as-probe-into-scandal-launches-2016-09-27). At the same time, CEO John Stumpf has recused himself from a probe and agreed to forfeit outstanding equity awards worth about $41 million. Wells Fargo, rocked by a scandal involving employees opening accounts without customers' knowledge, also said independent directors and a law firm are investigating its practices.

--Victor Reklaitis and Anora Mahmudova contributed to this article.

(END) Dow Jones Newswires

September 28, 2016 14:59 ET (18:59 GMT)