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

By Rodrigo Campos

NEW YORK 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.Energy 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."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 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.

The 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.

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

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: May 16, 2017 02:00 AM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See