Money /

Copied

Stocks are closing at new records Monday as upheaval in oil-rich Saudi Arabia sent crude prices to two-year highs, the AP reports. Chipmakers and media companies climbed on deal reports while phone companies sank. Chipmaker Qualcomm rose 1% Monday, off earlier highs, after competitor Broadcom offered to buy it for $103 billion. Broadcom gained 1.4%. Oil prices hit a two-year high as investors wondered if turmoil in Saudi Arabia will affect crude oil supplies. Sprint sank 11.5% and T-Mobile lost 5.6% after they ended talks about a potential deal over the weekend. The Standard & Poor's 500 index rose 3 points, or 0.1%, to 2,591. The Dow Jones industrial average rose 9 points to 23,548. The Nasdaq composite added 22 points, or 0.3%, to 6,786. All three indexes set new records. (Read more stock market stories.)