Wall Street rises to record highs, fueled by rallying oil
Major equity indexes in the United States rose to fresh record highs on Monday as the solid gains seen in crude oil prices lifted the commodity-linked stocks. Two of the biggest oil producers, Russia and Saudi Arabia, announced that they agreed on the need of nine-month extension to the output cut deal.
- Forex today: risk driven by a surge in WTI, dollar takes another hit
"Stronger energy prices today is certainly affecting the energy sector. Otherwise, earnings continue to be good and that's giving investors confidence," Bryant Evans, investment advisor and portfolio manager at Cozad Asset Management, in Champaign, Illinois, told Reuters.
- WTI drops below $49, still up more than 2% on day
In addition to energy shares, the technology stocks also rose sharply as the global WannaCry "ransomware" cyber attack's impact started to fade on Monday with no reports of any new major infections.
The Dow Jones Industrial Average added 85.53 points, or 0.41%, to 20,981.49, the S&P 500 rose by 9.5 points, or 0.4%, to 2,398.25 and the tech-heavy Nasdaq Composite gained 22.90 points, or 0.37%, to 6,144.13.
Headlines from the U.S. session:
- NY Fed Oil Price Dynamics Report: Lower global demand expectations and looser supply have held oil prices down
- US: Industrial Production preview - Wells Fargo
- US NAHB: Real fundamental improvement in housing demand- Wells Fargo
- Gold intermarket: close ties with WTI stuck around 10 hourly sma, capped here?
- US Dollar consolidates losses around 98.80
- The politics and economics of the US-China agreement - BBH