U.S. stocks surged near record highs as oil prices jumped following President Trump’s announcement of sanctions on Russia’s crude industry. The S&P 500 rose 0.6%, Dow Jones added 144 points, and Nasdaq climbed 0.9%. Exxon Mobil, ConocoPhillips, and Diamondback Energy led the charge with significant gains.

Trump’s sanctions on Russian oil giants Rosneft and Lukoil aim to end the Ukraine conflict. Oil prices, down 10% this year, spiked to alleviate recent losses. Strong earnings from U.S. companies also boosted stocks, with Dow and Las Vegas Sands reporting better-than-expected profits.

Amidst the earnings season, companies strive for profit growth to justify soaring stock prices. Molina Healthcare’s 17.5% dip due to disappointing profits highlights the industry’s challenges. IBM, despite surpassing analysts’ expectations for profit and revenue, faced market scrutiny over its Red Hat business results.

Stocks rallied across Europe, with Hong Kong and Shanghai rising as China’s Communist Party outlined a five-year agenda focusing on self-reliance in science and technology. However, Japan’s Nikkei 225 fell 1.4%, and South Korea’s Kospi sank 1%, reflecting global market volatility.

Read more at Yahoo Finance: Wall Street climbs to the cusp of records as oil prices jump