Money

Futures higher as oil hits $70

May 09, 2018 12:20·
Apple and oil lead Wall Street higher

Apple and oil lead Wall Street higher

Wall Street was higher on Monday as US crude hit $70 per barrel for the first time since late 2014, while shares of technology companies were lifted by Apple's sixth day of gains.

Energy stocks rallied earlier in the session due to troubles for Venezuelan oil company PDVSA and by the looming decision on whether the United States will re-impose sanctions on Iran.

European markets closed higher yesterda: London's FTSE was closedt, Paris added 0.3 per cent and Frankfurt gained 1 per cent.

Snap Inc. gained 1.6 percent after hiring Tim Stone, who had led Amazon's $13.7-billion integration with Whole Foods, as its chief financial officer. The S&P 500 gained 0.5 percent as energy climbed 1.8 percent.

At 11:20 a.m. ET, the Dow Jones Industrial Average was up 194.04 points, or 0.80 percent, at 24,456.55, the S&P 500 was up 15.70 points, or 0.59 percent, at 2,679.12 and the Nasdaq Composite was up 68.58 points, or 0.95 percent, at 7,278.20. The Russell 2000 index of smaller-company stocks picked up 10 points, or 0.6 percent, to 1,575.

US corporates have performed strongly in the first quarter, with almost 80 per cent of the 400 S&P 500 companies that have reported so far topping profit estimates, according to Thomson Reuters I/B/E/S. That is well above the long-term average of 64 percent and the average of 75 percent over the past four quarters. The yield on the 10-year Treasury held at 2.95 percent. The Nasdaq added 61 points, or 0.9 percent, to 7,270.

Benchmark U.S. crude rose $1.01, or 1.4 percent, to settle at $70.73 a barrel in NY.

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The OIC consists of some African, Asian and two South American countries as well as Albania as its only European member. We have to make enough money at the World Cup for the next four years and Australia wouldn't be able to do it".

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Many Americans also appeared to be concerned about what would happen if Trump pulled the United States out of the deal. And some fear that he may have brought a new and catastrophic regional war in the Middle East that much closer.

Bond prices were little changed.

Starbucks slipped 0.4 percent to $57.45 after Nestle paid $7.15 billion for the rights to sell the company's coffee products around the world. Silver dropped 2 cents to $16.50 an ounce.

Wall Street closed higher yesterday.

Chevron Corp.'s stocks fell 0.5% after being up as much as 2.3% on the day, while Exxon Mobil Corp. shares ended up 1.1%, but were up 2.8% at the peak. British stock markets were closed for a public holiday.

The Dow Jones industrial average rose 119 points, or 0.5 percent, to 24,383. Taiwan's benchmark rose, but Southeast Asian indexes finished mostly lower.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. USA stocks moved broadly higher in early trading Monday, adding to solid gains at the end of last week.

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