S&P 500, Nasdaq Composite hit record-highs
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.
Oil 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 toward extending an OPEC-led deal to support prices for longer than originally agreed.
Shares of oil majors Exxon (N:XOM) and Chevron (N:CVX) helped boost the S&P energy index (SPNY), which was on track to close higher for the first time in three sessions.
“The rebound in oil prices and lack of bad news 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 (NYSE:SCHW) in Austin, Texas.
“At this level, there isn’t too big a correlation between oil and equities but since we’ve seen oil fall quite a bit in a month or so, today’s rally in oil is helping the market grind higher.”
At 10:53 a.m. ET, the Dow Jones Industrial Average (DJI) was up 89.46 points, or 0.43 percent, at 20,986.07. The S&P 500 (SPX) was up 12.54 points, or 0.52 percent, at 2,403.44 and the Nasdaq Composite (IXIC) 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 (SPLRCM) leading the gainers.