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Wall St. rises with help from technology, financial, energy stocks

Reuters 

By Sinead Carew

(Reuters) - The S&P 500 and the notched record closing highs on Monday, powered by demand for technology after a global cyber attack and by rising prices.

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

The rising prices and housing data drove optimism about the economy and helped make financial <.SPSY> the second biggest driver for the S&P 500, behind the technology sector <.SPLRCT>.

"The markets are acting well and that's helping," said R.J. Grant, head of trading at Keefe, Bruyette & Woods in New York, who also cited the strong corporate earnings season.

About 75 percent of S&P 500 companies that have reported quarterly results so far have beaten expectations, according to Thomson data.

While data for New York state's manufacturing sector was weaker than expected, U.S. homebuilder sentiment gave investors some confidence in the economy.

"We need that because there's been a tug-of-war in this market as to whether this economy is peaking," Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey, said, referring to the housing sentiment.

The Dow Jones Industrial Average <.DJI> was up 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 Composite <.IXIC> added 28.44 points, or 0.46 percent, to 6,149.67. Johnson & Johnson and Cisco Systems were the biggest drivers for the S&P 500 after prominent analysts upgraded their ratings on the

Shares of cyber security firms jumped on expectations that they would benefit from greater spending after the global "ransomware" attack that began spreading across the globe on Friday. Shares of Fireye rose 7.5 percent, and Symantec and Palo Alto Networks both gained around 3 percent. The 2.3 percent rise in Cisco was driven in party by its security technology business.

Nine of the 11 major S&P 500 sectors closed higher, with the materials index <.SPLRCM> leading the percentage gainers.

Advancing issues outnumbered declining ones on the NYSE by a 3.10-to-1 ratio; on Nasdaq, a 2.04-to-1 ratio favored advancers.

The S&P 500 posted 46 new 52-week highs and 10 new lows; the Composite recorded 144 new highs and 53 new lows.

About 6.3 billion shares changed hands on U.S. exchanges on Monday compared with the 6.8 billion average for the last 20 sessions.

(Additional reporting by Caroline Valetkevitch in New York, Tanya Agrawal in Bengaluru,; Editing by Alistair Bell and Leslie Adler)

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

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Wall St. rises with help from technology, financial, energy stocks

(Reuters) - The S&P 500 and the Nasdaq notched record closing highs on Monday, powered by demand for technology stocks after a global cyber attack and by rising oil prices.

By Sinead Carew

(Reuters) - The S&P 500 and the notched record closing highs on Monday, powered by demand for technology after a global cyber attack and by rising prices.

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

The rising prices and housing data drove optimism about the economy and helped make financial <.SPSY> the second biggest driver for the S&P 500, behind the technology sector <.SPLRCT>.

"The markets are acting well and that's helping," said R.J. Grant, head of trading at Keefe, Bruyette & Woods in New York, who also cited the strong corporate earnings season.

About 75 percent of S&P 500 companies that have reported quarterly results so far have beaten expectations, according to Thomson data.

While data for New York state's manufacturing sector was weaker than expected, U.S. homebuilder sentiment gave investors some confidence in the economy.

"We need that because there's been a tug-of-war in this market as to whether this economy is peaking," Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey, said, referring to the housing sentiment.

The Dow Jones Industrial Average <.DJI> was up 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 Composite <.IXIC> added 28.44 points, or 0.46 percent, to 6,149.67. Johnson & Johnson and Cisco Systems were the biggest drivers for the S&P 500 after prominent analysts upgraded their ratings on the

Shares of cyber security firms jumped on expectations that they would benefit from greater spending after the global "ransomware" attack that began spreading across the globe on Friday. Shares of Fireye rose 7.5 percent, and Symantec and Palo Alto Networks both gained around 3 percent. The 2.3 percent rise in Cisco was driven in party by its security technology business.

Nine of the 11 major S&P 500 sectors closed higher, with the materials index <.SPLRCM> leading the percentage gainers.

Advancing issues outnumbered declining ones on the NYSE by a 3.10-to-1 ratio; on Nasdaq, a 2.04-to-1 ratio favored advancers.

The S&P 500 posted 46 new 52-week highs and 10 new lows; the Composite recorded 144 new highs and 53 new lows.

About 6.3 billion shares changed hands on U.S. exchanges on Monday compared with the 6.8 billion average for the last 20 sessions.

(Additional reporting by Caroline Valetkevitch in New York, Tanya Agrawal in Bengaluru,; Editing by Alistair Bell and Leslie Adler)

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

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Business Standard
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Wall St. rises with help from technology, financial, energy stocks

By Sinead Carew

(Reuters) - The S&P 500 and the notched record closing highs on Monday, powered by demand for technology after a global cyber attack and by rising prices.

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

The rising prices and housing data drove optimism about the economy and helped make financial <.SPSY> the second biggest driver for the S&P 500, behind the technology sector <.SPLRCT>.

"The markets are acting well and that's helping," said R.J. Grant, head of trading at Keefe, Bruyette & Woods in New York, who also cited the strong corporate earnings season.

About 75 percent of S&P 500 companies that have reported quarterly results so far have beaten expectations, according to Thomson data.

While data for New York state's manufacturing sector was weaker than expected, U.S. homebuilder sentiment gave investors some confidence in the economy.

"We need that because there's been a tug-of-war in this market as to whether this economy is peaking," Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey, said, referring to the housing sentiment.

The Dow Jones Industrial Average <.DJI> was up 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 Composite <.IXIC> added 28.44 points, or 0.46 percent, to 6,149.67. Johnson & Johnson and Cisco Systems were the biggest drivers for the S&P 500 after prominent analysts upgraded their ratings on the

Shares of cyber security firms jumped on expectations that they would benefit from greater spending after the global "ransomware" attack that began spreading across the globe on Friday. Shares of Fireye rose 7.5 percent, and Symantec and Palo Alto Networks both gained around 3 percent. The 2.3 percent rise in Cisco was driven in party by its security technology business.

Nine of the 11 major S&P 500 sectors closed higher, with the materials index <.SPLRCM> leading the percentage gainers.

Advancing issues outnumbered declining ones on the NYSE by a 3.10-to-1 ratio; on Nasdaq, a 2.04-to-1 ratio favored advancers.

The S&P 500 posted 46 new 52-week highs and 10 new lows; the Composite recorded 144 new highs and 53 new lows.

About 6.3 billion shares changed hands on U.S. exchanges on Monday compared with the 6.8 billion average for the last 20 sessions.

(Additional reporting by Caroline Valetkevitch in New York, Tanya Agrawal in Bengaluru,; Editing by Alistair Bell and Leslie Adler)

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

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Business Standard
177 22