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

Reuters  |  NEW YORK 

By Rodrigo Campos

NEW YORK (Reuters) - Commodity-linked stocks and currencies got a lift on Monday from rising prices after major producers and said they would extend supply cuts into 2018.

Cyber-security shares also rose, after a hack that locked down hundreds of thousands of computers across 150 countries over the weekend.

Energy ministers from the world's top two 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.

"It's 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 rose 1.96 percent to $48.78 per barrel and Brent was last at $51.76, up 1.81 percent on the day.

The 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 reach.

The "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 hit a near two-year high and closed up 3.2 percent at $30.69.

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

The Dow Jones Industrial Average <.DJI> rose 85.33 points, or 0.41 percent, to 20,981.94, the S&P 500 <.SPX> gained 11.42 points, or 0.48 percent, to 2,402.32 and the Nasdaq Composite <.IXIC> added 28.44 points, or 0.46 percent, to 6,149.67.

The pan-European FTSEurofirst 300 index <.FTEU3> rose 0.10 percent and MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 0.49 percent.

Emerging market stocks rose 0.78 percent.

CRUDE, DATA WEIGH GREENBACK

The currencies of resource-linked economies got a boost from the jump in prices. The Canadian dollar was at its strongest in over two weeks against the greenback.

The was also hurt by weak data on New York state area manufacturing.

The dollar index <.DXY>, tracking the greenback against a basket of other major currencies, fell 0.32 percent, with the euro up 0.42 percent to $1.0974.

The Japanese yen weakened 0.38 percent versus the greenback at 113.77 per dollar, while sterling was last trading at $1.2895, up 0.04 percent on the day.

The Canadian dollar strengthened 0.57 percent versus the greenback at C$1.37 per dollar.

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

Benchmark 10-year notes last fell 4/32 in price to yield 2.345 percent, from 2.333 percent late on Friday.

Spot gold added 0.2 percent to $1,230.33 an ounce. U.S. gold futures gained 0.20 percent to $1,230.10 an ounce.

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

(Additional reporting by Caroline Valetkevitch, Jessica Resnick-Ault, Dion Rabouin and Karen Brettell in New York; Editing by Bernadette Baum and Lisa Shumaker)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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

NEW YORK (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.

By Rodrigo Campos

NEW YORK (Reuters) - Commodity-linked stocks and currencies got a lift on Monday from rising prices after major producers and said they would extend supply cuts into 2018.

Cyber-security shares also rose, after a hack that locked down hundreds of thousands of computers across 150 countries over the weekend.

Energy ministers from the world's top two 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.

"It's 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 rose 1.96 percent to $48.78 per barrel and Brent was last at $51.76, up 1.81 percent on the day.

The 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 reach.

The "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 hit a near two-year high and closed up 3.2 percent at $30.69.

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

The Dow Jones Industrial Average <.DJI> rose 85.33 points, or 0.41 percent, to 20,981.94, the S&P 500 <.SPX> gained 11.42 points, or 0.48 percent, to 2,402.32 and the Nasdaq Composite <.IXIC> added 28.44 points, or 0.46 percent, to 6,149.67.

The pan-European FTSEurofirst 300 index <.FTEU3> rose 0.10 percent and MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 0.49 percent.

Emerging market stocks rose 0.78 percent.

CRUDE, DATA WEIGH GREENBACK

The currencies of resource-linked economies got a boost from the jump in prices. The Canadian dollar was at its strongest in over two weeks against the greenback.

The was also hurt by weak data on New York state area manufacturing.

The dollar index <.DXY>, tracking the greenback against a basket of other major currencies, fell 0.32 percent, with the euro up 0.42 percent to $1.0974.

The Japanese yen weakened 0.38 percent versus the greenback at 113.77 per dollar, while sterling was last trading at $1.2895, up 0.04 percent on the day.

The Canadian dollar strengthened 0.57 percent versus the greenback at C$1.37 per dollar.

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

Benchmark 10-year notes last fell 4/32 in price to yield 2.345 percent, from 2.333 percent late on Friday.

Spot gold added 0.2 percent to $1,230.33 an ounce. U.S. gold futures gained 0.20 percent to $1,230.10 an ounce.

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

(Additional reporting by Caroline Valetkevitch, Jessica Resnick-Ault, Dion Rabouin and Karen Brettell in New York; Editing by Bernadette Baum and Lisa Shumaker)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

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

By Rodrigo Campos

NEW YORK (Reuters) - Commodity-linked stocks and currencies got a lift on Monday from rising prices after major producers and said they would extend supply cuts into 2018.

Cyber-security shares also rose, after a hack that locked down hundreds of thousands of computers across 150 countries over the weekend.

Energy ministers from the world's top two 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.

"It's 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 rose 1.96 percent to $48.78 per barrel and Brent was last at $51.76, up 1.81 percent on the day.

The 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 reach.

The "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 hit a near two-year high and closed up 3.2 percent at $30.69.

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

The Dow Jones Industrial Average <.DJI> rose 85.33 points, or 0.41 percent, to 20,981.94, the S&P 500 <.SPX> gained 11.42 points, or 0.48 percent, to 2,402.32 and the Nasdaq Composite <.IXIC> added 28.44 points, or 0.46 percent, to 6,149.67.

The pan-European FTSEurofirst 300 index <.FTEU3> rose 0.10 percent and MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 0.49 percent.

Emerging market stocks rose 0.78 percent.

CRUDE, DATA WEIGH GREENBACK

The currencies of resource-linked economies got a boost from the jump in prices. The Canadian dollar was at its strongest in over two weeks against the greenback.

The was also hurt by weak data on New York state area manufacturing.

The dollar index <.DXY>, tracking the greenback against a basket of other major currencies, fell 0.32 percent, with the euro up 0.42 percent to $1.0974.

The Japanese yen weakened 0.38 percent versus the greenback at 113.77 per dollar, while sterling was last trading at $1.2895, up 0.04 percent on the day.

The Canadian dollar strengthened 0.57 percent versus the greenback at C$1.37 per dollar.

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

Benchmark 10-year notes last fell 4/32 in price to yield 2.345 percent, from 2.333 percent late on Friday.

Spot gold added 0.2 percent to $1,230.33 an ounce. U.S. gold futures gained 0.20 percent to $1,230.10 an ounce.

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

(Additional reporting by Caroline Valetkevitch, Jessica Resnick-Ault, Dion Rabouin and Karen Brettell in New York; Editing by Bernadette Baum and Lisa Shumaker)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22