New York–US stocks rallied on Monday, with all three major indices setting new closing records, as investors focused on a rebound in oil prices while awaiting the minutes of the US Federal Reserve.

The Dow Jones Industrial Average rose 59.58 points, or 0.32 per cent, to 18,636.05, Xinhua news agency reported.

The S&P 500 increased 6.10 points, or 0.28 per cent, to 2,190.15. The Nasdaq Composite Index was up 29.12 points, or 0.56 per cent, to 5,262.02.

Oil prices kept rising on Monday, with both US oil and Brent crude jumping nearly 3 per cent, as speculation intensified about potential producer action to support prices in an oversupplied market.

Investors were also awaiting the minutes of the Fed’s July policy meeting scheduled for release on Wednesday, for more indications on the timing of the next interest rate hike.