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S&P 500, Nasdaq Composite hit record-highs

Reuters 

By Tanya Agrawal

- The Composite and the S&P 500 touched record highs in late morning trading on Monday as a rise in prices boosted energy and investors shrugged off the impact of a global cyber attack.

hit its highest in more than three weeks after top exporters Saudi Arabia and Russia said supply cuts needed to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than originally agreed.

Shares of majors Exxon and Chevron helped boost the S&P energy index, which was on track to close higher for the first time in three sessions.

"The rebound in prices and lack of bad on the geopolitical front has led to a bit of a relief rally in equities," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

"At this level, there isn't too big a correlation between and equities but since we've seen fall quite a bit in a month or so, today's rally in is helping the market grind higher."

At 10:53 a.m. ET (1453 GMT), the Dow Jones Industrial Average was up 89.46 points, or 0.43 percent, at 20,986.07. The S&P 500 was up 12.54 points, or 0.52 percent, at 2,403.44 and the Composite was up 30.37 points, or 0.50 percent, at 6,151.61.

All the 11 major S&P 500 sectors were higher, with the energy and materials index leading the gainers.

Investors seemed to mostly shrug off fears from a successful missile test by North Korea and a cyberattack that disrupted operations at car factories, hospitals, shops and schools.

Shares of cybersecurity firms such as Fireye, Symantec and Palo Alto Networks were all up.

Cisco's 2.5 percent rise provided the biggest boost to the and S&P.

U.S. slipped on Friday, ending the week lower as tepid economic data weighed on banks and worries deepened over department stores.

Earnings at S&P 500 companies are expected to have grown 14.5 percent in the first quarter - the best showing since 2011, according to Thomson I/B/E/S.

Tesla was down 2.1 percent at $318.01 after Morgan Stanley downgraded its rating on the electric-car maker's stock.

Patheon NV soared 32.9 percent to $34.57 after Thermo Fisher Scientific said it would buy Dutch drug ingredients maker for about $5.2 billion.

Advancing issues outnumbered decliners on the NYSE by 2,338 to 446. On the Nasdaq, 1,939 issues rose and 743 fell.

The S&P 500 index showed 34 new 52-week highs and six new lows, while the recorded 108 new highs and 26 new lows.

(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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S&P 500, Nasdaq Composite hit record-highs

REUTERS - The Nasdaq Composite and the S&P 500 touched record highs in late morning trading on Monday as a rise in oil prices boosted energy stocks and investors shrugged off the impact of a global cyber attack.

By Tanya Agrawal

- The Composite and the S&P 500 touched record highs in late morning trading on Monday as a rise in prices boosted energy and investors shrugged off the impact of a global cyber attack.

hit its highest in more than three weeks after top exporters Saudi Arabia and Russia said supply cuts needed to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than originally agreed.

Shares of majors Exxon and Chevron helped boost the S&P energy index, which was on track to close higher for the first time in three sessions.

"The rebound in prices and lack of bad on the geopolitical front has led to a bit of a relief rally in equities," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

"At this level, there isn't too big a correlation between and equities but since we've seen fall quite a bit in a month or so, today's rally in is helping the market grind higher."

At 10:53 a.m. ET (1453 GMT), the Dow Jones Industrial Average was up 89.46 points, or 0.43 percent, at 20,986.07. The S&P 500 was up 12.54 points, or 0.52 percent, at 2,403.44 and the Composite was up 30.37 points, or 0.50 percent, at 6,151.61.

All the 11 major S&P 500 sectors were higher, with the energy and materials index leading the gainers.

Investors seemed to mostly shrug off fears from a successful missile test by North Korea and a cyberattack that disrupted operations at car factories, hospitals, shops and schools.

Shares of cybersecurity firms such as Fireye, Symantec and Palo Alto Networks were all up.

Cisco's 2.5 percent rise provided the biggest boost to the and S&P.

U.S. slipped on Friday, ending the week lower as tepid economic data weighed on banks and worries deepened over department stores.

Earnings at S&P 500 companies are expected to have grown 14.5 percent in the first quarter - the best showing since 2011, according to Thomson I/B/E/S.

Tesla was down 2.1 percent at $318.01 after Morgan Stanley downgraded its rating on the electric-car maker's stock.

Patheon NV soared 32.9 percent to $34.57 after Thermo Fisher Scientific said it would buy Dutch drug ingredients maker for about $5.2 billion.

Advancing issues outnumbered decliners on the NYSE by 2,338 to 446. On the Nasdaq, 1,939 issues rose and 743 fell.

The S&P 500 index showed 34 new 52-week highs and six new lows, while the recorded 108 new highs and 26 new lows.

(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Business Standard
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S&P 500, Nasdaq Composite hit record-highs

By Tanya Agrawal

- The Composite and the S&P 500 touched record highs in late morning trading on Monday as a rise in prices boosted energy and investors shrugged off the impact of a global cyber attack.

hit its highest in more than three weeks after top exporters Saudi Arabia and Russia said supply cuts needed to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than originally agreed.

Shares of majors Exxon and Chevron helped boost the S&P energy index, which was on track to close higher for the first time in three sessions.

"The rebound in prices and lack of bad on the geopolitical front has led to a bit of a relief rally in equities," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

"At this level, there isn't too big a correlation between and equities but since we've seen fall quite a bit in a month or so, today's rally in is helping the market grind higher."

At 10:53 a.m. ET (1453 GMT), the Dow Jones Industrial Average was up 89.46 points, or 0.43 percent, at 20,986.07. The S&P 500 was up 12.54 points, or 0.52 percent, at 2,403.44 and the Composite was up 30.37 points, or 0.50 percent, at 6,151.61.

All the 11 major S&P 500 sectors were higher, with the energy and materials index leading the gainers.

Investors seemed to mostly shrug off fears from a successful missile test by North Korea and a cyberattack that disrupted operations at car factories, hospitals, shops and schools.

Shares of cybersecurity firms such as Fireye, Symantec and Palo Alto Networks were all up.

Cisco's 2.5 percent rise provided the biggest boost to the and S&P.

U.S. slipped on Friday, ending the week lower as tepid economic data weighed on banks and worries deepened over department stores.

Earnings at S&P 500 companies are expected to have grown 14.5 percent in the first quarter - the best showing since 2011, according to Thomson I/B/E/S.

Tesla was down 2.1 percent at $318.01 after Morgan Stanley downgraded its rating on the electric-car maker's stock.

Patheon NV soared 32.9 percent to $34.57 after Thermo Fisher Scientific said it would buy Dutch drug ingredients maker for about $5.2 billion.

Advancing issues outnumbered decliners on the NYSE by 2,338 to 446. On the Nasdaq, 1,939 issues rose and 743 fell.

The S&P 500 index showed 34 new 52-week highs and six new lows, while the recorded 108 new highs and 26 new lows.

(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

image
Business Standard
177 22