Stocks end higher on reports of OPEC output cut

Stocks ended the day higher amid reports that OPEC, the Middle East oil cartel, has agreed to cut production amid an ongoing global glut of crude.

The Dow Jones industrial average, which had been in the red earlier in the afternoon, ended up 110 points, or 0.6%. The broader Standard & Poor's 500 stock index climbed 0.5% and the Nasdaq composite gained 0.2%.

A big rally in crude sparked the broader market rally. U.S.-produced crude was up $2.17 per barrel, or nearly 5%, to $46.87.

Oil prices jumped Wednesday after reports that the Organization of the Petroleum Exporting Countries (OPEC) had agreed to slash production at a conference in Algiers. If it sticks — and that's a big if — an accord could help ease the global glut of oil that has washed over the world in the last two years. OPEC member countries agreed to slash production by about 740,000 barrels per day to 32.5 million, Reuters reported Wednesday, citing anonymous sources.

The OPEC news pushed oil stocks sharply higher. The broad Vanguard Energy ETF (VDE) was up 4.3%. Exxon-Mobil (XOM) was 3.8% higher and oil services firm Halliburton was up 3.9%.

Investors worry about the shriveling size of the market

Wall Street was also digesting fresh economic news. U.S. durable goods orders in August came in flat, but better than the 1.5% drop economists' forecast. Still, the report of weak orders for long-lasting, expensive items such as refrigerators was viewed as a sign of economic weakness.

Investors today were also monitoring speeches from central bankers in the U.S. and Europe. Federal Reserve Chair Janet Yellen is testifying this morning before the House Financial Services Committee about financial regulation. A handful of other Fed speakers are also on the docket today. European Central Bank president Mario Draghi is also slated to speak today.

Yellen refutes Trump's partisan charges, says bank rules should tighten

In the bond market, the yield on the 10-year Treasury note was up slightly at 1.569%.

On Tuesday, the Dow rallied 133 points, after its first back-to-back triple-digit losses since the Brexit vote in late June, as investors gave the first debate edge to Hillary Clinton, the Democratic candidate that is viewed as a less risky choice for president by investors, as she is viewed as more predictable than Republican Donald Trump.

Signs that investors were pricing in a better chance of a Clinton win included a more than 2% jump in the Mexican peso vs. the dollar, as Trump has been critical of Mexico for stealing U.S. jobs and being a source of illegal immigration to the U.S. Shares of for-profit prisons, such as Corrections Corporation of America, also suffered sharp drops after Clinton said in the debate that the nation shouldn't have a profit incentive to fill jails.

In Asia, stocks were mixed with Japan's Nikkei 225 falling 1.3% and stocks in Hong Kong edging 0.2% higher.

Stocks were higher in Europe with the broad Stoxx Europe 600 rising 0.7%.

Contributing: Nathan Bomey