U.S. stocks rose at a record high Thursday morning as the Organization of Petroleum Exporting Countries (OPEC) delayed its output cut.

OPEC decided to leave its output unchanged now but will lower its production by 500,000 barrels per day from February 1.

The cartel, whose members produce about one third of global oil supplies, had decided to cut their output by 1.2 million barrels a day to stem falling prices.

The Dow Jones industrial average was up 76.06, at 12,393.53. The Standard & Poor's 500 index increased 10.91,to 1,424.12 while the Nasdaq composite index rose 26.89, to 2,459.30.