S&P500 and Nasdaq reach new records
Oil price rise drives enegy stocks
Cyber attack fallout continues
US shares closed higher with the S&P 500 and the Nasdaq reaching new highs as energy stocks were bolstered by rising oil prices and tech stocks also rose.
The Dow Jones closed 85 higher at 20.981. The S&P500 added 11 at 2,402.
The Nasdaq gained 28 points to stand at 6,149.
US benchmark crude - West Texas Intermediate - is up 1.92% to $48.76 at the time of writing.
In Toronto, the TSX closed over 91 points higher at 15,629.
2.30pm - US shares surge
US shares surged to new highs, after the FTSE100 finished at a new record and as crude prices firmed.
Investors seemed to shrug off Chinese data showing that factory output and investment had slowed last month (April). Tomorrow, sees industrial production stats for the US published, which will be closely watched.
The Dow Jones is up 79 at 20,975, while the NASDAQ gained over 21 at 6,142.
The broader based S&P500 is up over nine points to stand at 2,400.
In Canada, the largest exchange in Toronto - the TSX- added 94 points to stand at 15,631.
In companies, Trivago GmbH (NASDAQ:TRVG) soared over 17% after the hotel comparison website posted record revenues in the first quarter of 2017.
The company – which counts travel giant Expedia Inc (NASDAQ:EXPE) as its largest shareholder – has told investors that the recent investment in its branding and user experience has started to pay off.
Also higher was tech and comms firm Qorvo (NASDAQ:QRVO), which added 5.56% to $71.59 as news and speculation continues to circulate about the huge cyber attack.
Sorl Auto Parts Inc (NYSE:SORL) added over 25% as it posted strong first quarter results and raised guidance for the full year.
Cellular Biomedicine Group Inc (NYSE: CBMG) added 62.16% to $8.65 after it reported the addition of a second clinical site to expand the chimeric antigen Phase 1 trial.
In focus is Elon Musk's SpaceX, which is poised to launch a commercial communications satellite from the Kennedy Space Center at 7:21pm.
It will carry a fourth Inmarsat-5 satellite - The London based firm, which has booked the mission. The launch will be streamed live on social media.
The company was founded in 2002 to revolutionize space technology.
Watch @elonmusk's @SpaceX launch a bus-sized satellite https://t.co/sRWih4TeBs #SpaceX pic.twitter.com/DOmEbKz0RL
— CNET (@CNET) May 15, 2017
10.am..Wall Street shares head higher...
Wall Street shares are heading north on Monday, with the Dow Jones up almost 70 points as cyber-security and computer protection software firms posted gains in the aftermath of the ‘WannaCry' cyber attack which hit 120 countries.
Symantec (NYSE:SYMC) is the second biggest riser on S&P500 with shares rising 4.64% to $32.45.
The group revealed today that its Norton Core secure Wi-Fi router is now available for pre-order. The devices aim to protect home networks from malware, viruses and hackers.
The 'WannaCry' malware encrypts files and demands a ransom of $300 in bitcoins to unscramble the documents. On Friday, several NHS Trusts were hit in the UK but the attack was the biggest cyber offence so far.
Also in the sector today, Palo Alto Networks Inc (NASDAQ: PANW) saw shares rise 3.71% to $121.32, while Cisco Systems Inc (NASDAQ:CSCO) added 2.36% to $34.22.
Cyber Monday - Hack Attack Affects 200,000 Computers, Markets Oblivious $FEYE $OIL $UUP Also $MSFT $UNG https://t.co/2Peyi1fxMb
— Phil Davis (@philstockworld) May 15, 2017
On Wall Street today, the Dow Jones is up 68.21 to 20,964; the S&P500 is up 9.39 at 2,400, while the tech heavy Nasdaq is up 22 to stand at 6,144.
The biggest riser on SA&P500 is Marathon Oil (NYSE:MRO), which added over 5% to $15.01 on the back of the firming crude price, with spot WTI now over 3% at $49.39 a barrel.
Elsewhere, Tesla (NASDAQ:TSLA) shares fell over 3% after a Morgan Stanley downgrade.
8.15am US stocks set for rise...
US stocks are poised to start the week generally higher after the Dow Jones index and the S&P 500 posted their first weekly loss in almost a month on Friday last week and as positive news in the oil market provides a boon Monday.
The broad-based S&P 500 finished last week (May 12) down four points at 2,301 while the Dow dipped 23 points to 20,897.
However, the Nasdaq Composite went against the grain and eked out a five point gain to close at 6,121.
In futures trading today, the Dow Jones is 36 points higher; the S&P500 is over two points ahead but the tech heavy Nasdaq has lost some ground - slipping 0.75.
It comes as the US crude price is up 2.88% to $49.22 on the back of this morning's news that big players Saudi and Russia have called to extend the OPEC output cut beyond June this year to March, 2018.
The move to turn the taps off is in a bid to stabilize the market and keep prices up but the plan has been scuppered recently by increased US output.
Big US energy firms are seeing shares bolstered in pre-market. Chevron (NYSE:CHK) is up almost 1% to $105.96; Exon Mobil Corp (NYSE:XOM) is up 0.91% to $82.55.
Big news as the working week begins around the globe is the massive cyber attack, which has hit 150 countries and demanded a ransom is paid after workers have been locked out of their computers. Experts warn such attacks may become more prevalent.
On the data front, US manufacturing data is scheduled to be released later this morning, while housing market stats for May is also due to be published.
In earnings, hotel price comparison site Trivago (NYSE: TRVG) will report first quarter earnings before the bell. Shares were up 3.7% in pre-market.