The energy index had its best day since January, climbing 4.34 percent after OPEC sources said the group reached a deal to cut its oil production for the first time since 2008.
S&P 500 energy companies on average are expected to post a 66 percent drop in third-quarter earnings, according to Thomson Reuters data.
"The energy sector has been the biggest drag on earnings for the past year and a half or two years, and if you can get some stability there, all of a sudden earnings start to look a lot better," said Mark Kepner, managing director at Themis Trading in Chatham, New Jersey.
Reuters is the news and media division of Thomson Reuters.
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms.