Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

GLOBAL MARKETS-Stocks rise with oil, cyber attack; weak data knocks dollar

Published 2017-05-15, 03:48 p/m
Updated 2017-05-15, 03:50 p/m
© Reuters.  GLOBAL MARKETS-Stocks rise with oil, cyber attack; weak data knocks dollar

© Reuters. GLOBAL MARKETS-Stocks rise with oil, cyber attack; weak data knocks dollar

(Updates prices, changes comment)

* Worries over cyber attack result in stock buying

* Commodity-linked currencies rise

* S&P 500 hits record high

By Rodrigo Campos

NEW YORK, May 15 (Reuters) - Commodity-linked stocks and currencies got a lift on Monday from rising crude oil prices after major producers Saudi Arabia and Russia said they would extend oil supply cuts into 2018.

Cyber-security shares also got a lift, after a hack that locked down hundreds of thousands of computers across 150 countries over the weekend. ministers from the world's top two oil producers said production cuts, which were set to expire next month, should continue until March, longer than an optional six-month extension specified in the deal. more jawboning from OPEC, and I think in the end it's going to prove to be noise... so the rally is probably a little much," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

"But the market is reacting to the headlines."

The Organization of the Petroleum Exporting Countries meets in Vienna on May 25 to consider the extension.

U.S. crude CLcv1 rose 2.09 percent to $48.84 per barrel and Brent LCOcv1 was last at $51.82, up 1.93 percent on the day.

The news from the energy sector more than offset concern over the weekend after a successful missile test by North Korea and a cyber attack with unprecedented global reach. global "ransomware" cyber attack disrupted factories, hospitals, shops and schools, and spurred investors on Monday to buy stocks set to benefit from higher cyber security spending by firms and government agencies.

An exchange-traded fund of cyber security shares across the globe HACK.K hit a near two-year high and was last up 3.2 percent at $30.71.

U.S. cyber stocks jumped, and the largest advancing sector on Wall Street was technology, with Cisco CSCO.O leading the way up on the S&P 500, which hit a record high.

The Dow Jones Industrial Average .DJI rose 81.2 points, or 0.39 percent, to 20,977.81, the S&P 500 .SPX gained 10.35 points, or 0.43 percent, to 2,401.25 and the Nasdaq Composite .IXIC added 24.19 points, or 0.4 percent, to 6,145.42.

The pan-European FTSEurofirst 300 index .FTEU3 rose 0.10 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS gained 0.46 percent.

Emerging market stocks rose 0.91 percent. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.68 percent higher, while Japan's Nikkei .N225 lost 0.07 percent.

CRUDE, DATA WEIGH GREENBACK

The currencies of resource-linked economies got a boost from the jump in oil prices. The Canadian dollar hit its highest level in over two weeks against the greenback.

The U.S. dollar was also hurt by weak data on New York state area manufacturing. dollar index .DXY , tracking the currency against a basket of other major units, fell 0.34 percent, with the euro EUR= up 0.46 percent to $1.0978.

The Japanese yen weakened 0.37 percent versus the greenback at 113.77 per dollar, while sterling GBP= was last trading at $1.2896, up 0.05 percent on the day.

The Canadian dollar strengthened 0.48 percent versus the greenback at 1.36 per dollar.

U.S. Treasury yields slipped after the weak U.S. data.

Benchmark 10-year notes US10YT=RR last fell 3/32 in price to yield 2.3415 percent, from 2.333 percent late on Friday.

Spot gold XAU= added 0.2 percent to $1,230.61 an ounce. U.S. gold futures GCcv1 gained 0.25 percent to $1,230.80 an ounce.

Copper CMCU3 rose 0.96 percent to $5,613.00 a tonne.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.