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US stocks close higher as oil price firms

President Trump and the OPEC meeting on Thursday are sure to be big themes this week
US shares head north as crude prices firm
Oil prices rose on Monday
  • US shares close higher

  • Crude higher ahead of OPEC meet

  • Trump continues first foreign tour

US shares closed higher as oil prices firmed.

The Dow Jones closed 89 up at 20, 894, while the S&P500 finished over 12 higher at 2,394 and the Nasdaq closed at 6,133 - up almost 50.

US crude - West Texas Intermediate - is up 0.95% to $50.81 ahead of the key OPEC meet in  Vienna on Thursday, where hopes are that an extension on an output cut can be agreed to stablise prices.

Ford (NYSE:F.) shares gained over 2% on the day at $11.10 as it  was confirmed that chief executive Mark Fields will step down amid investor worries about the carmarker’s falling share price, declining profits and weak sales.

The company said in a statement that Fields will be replaced by Jim Hackett, head of Ford Smart Mobility, as part of a management shake-up to help turn around the group.

Hackett, 62, helped to revive office furniture maker Steelcase as its chief executive from 1994 to 2014 before joining Ford last year.


US shares were heading higher at mid-session buoyed by higher crude prices and deals struck by President Trump in Saudi Arabia.

US crude is up at $50.65 a barrel at the time of writing, up 0.64%, as the market is increasingly upbeat on the potential of a revamped OPEC deal to be struck on Thursday.

The Dow Jones rose 83 points to stand at 20,888, while the Nasdaq gained 37 at 6,120.

The S&P500 index is over ten points ahead at 2,392.

On the Dow Jones, tech giant Cisco Systems Inc (NASDAQ:CSCO) was among top risers, up 1.94% to $31.82.

Pfizer (NYSE:PFE) was the biggest laggard, down 0.74% to $32.22 after shares fell last week after a downgrade from heavyweight investment bank Citi.

Elsewhere, Puma Biotechnology Inc (NASDAQ:PBYI) rose over 35% as the FDA published briefing documents for an Advisory Committee meeting later in the week on its early breats cancer candidate.

Cheetah Mobile Inc (NYSE: CMCM) added 8.15% to $11.41 after its earnings cheered the market.

Blackstone Group LP (NYSE: BX) added 7% to $31.96 as Citigroup upgraded Blackstone Group  to 'buy' from 'neutral'.

READ - Apple's valuation could top US$1trn after release of iPhone 8, says RBC Capital analyst

Apple (NASDAQ:AAPL) shares added 0.54% to $153.88 as RBC Capital said the group could see its market valuation top US$1trn within the next 12 to 18 months, boosted by the launch of the iPhone 8 later this year.

10AM - OPEN..

US shares started well out of the blocks, the Dow Jones adding 97 points to 20,922.

The Nasdaq added over 31 at 6,115, while the broad based S&P500 index gained almost ten points to stand at 2,391.

It comes as investors await for the next major catalyst  ahead of a major oil market meet on Thursday and as President Trump continues his foreign tour.

On S&P 500 the biggest riser is McKesson Corp (NYSE:MCK) after it reported on Friday fourth-quarter earnings to end March of $3.39 per share, beating consensus of $3.04 a share.

Centene Corp (NYSE:CNC) is the big loser - shedding 1.56% to go to $73.95 each.


8.15 am - PREVIEW 

US shares are poised to go north at the open after a bumper finish last week and as the Donald Trump show continues.

In London, FTSE 100 is up around 42 points at 7,513 at the time of writing, while the Nikkei 225 in Japan closed over 87 points higher.

The US president has now arrived in Israel having been in Saudi where he inked some big businesss deals. Last week was a roller coaster week to say the least but some of the steam seems to have dissipated for now. Today, he will reportedly be making a number of joint public statements with Israeli leaders.

On Friday, the S&P closed at 2,381, up 16 points and the Dow at 20,805, up around 141 points. The tech heavy Nasdaq closed up over 28 at 6,083.

In futures today, Dow Jones futures are trading 19 higher; the S&P 500 is up 0.75 and the Nasdaq is up 4.75.

In pre-market on Wall Street, car giant Ford (NYSE:F.) is a big gainer, up over 2% as news emerged that chief executive Mark Fields is to be replaced by Jim Hackett, who heads up the driverless car business.

Also, to look out for this week is the OPEC meeting on Thursday, which will be closely monitored for an extension to the output cut deal.

Meanwhile, in earnings, consulting firm Booz Allen Hamilton (NYSE: BAH) will report before the open, while there is US new home sales data for last month.

US crude is up 1.29% to $50.98 a barrel at the time of writing.

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