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Markets Right Now: Energy stocks lead indexes higher

17 May 2017
Markets Right Now: Energy stocks lead indexes higher

US stocks finished at record highs Monday, as rebounding oil prices lifted shares of commodity-driven companies on news that major producers were looking to extend output cuts until next year.

In 3.03pm trading in NY, the Dow Jones Industrial Average slipped 0.1 per cent. "The rubber band had stretched too long below $55 per barrel; now we're around $50".

The Nasdaq Composite had added 10.43 points, or 0.17 percent, to 6,160.11 after touching a record of 6,163.74. Transocean rose 22 cents, or 2.1 percent, to $10.84.

The stock indexes headed higher early Tuesday, but spent much of the day trading in a narrow range, wavering between small gains and losses.

Home Depot Inc. earned $2.01 billion, or $1.67 per share, beating per-share projections on Wall Street by 6 cents.

In Europe, France's Cac 40 rose 0.2%, Germany's DAX index gained 0.3%, and the FTSE 100 in London rose 0.3%.

The U.S. Federal Reserve will release data on industrial production, which is expected to have slowed to 0.4 percent in April from 0.5 percent the month before.

"It is not just because they're necessarily thinking about anything as extreme as impeachment, but investors are anxious that Congress won't be able to get anything done in this increasingly insane environment in Washington", said Chris Low, chief economist of FTN Financial.

All the 11 major S&P 500 sectors were higher, with the energy and materials index leading the gainers.

"There has been a lot of worry about energy and how oil prices do not seem to have found a bottom, but this news from Saudi Arabia and Russian Federation that seems to be helping".

WASHINGTON - Construction of new homes fell for a second straight month in April, pushing activity to the lowest point in five months.

The euro rose to 1.0978 dollars from 1.0924 dollars late on Friday.

Dow component Home Depot's shares rose 1.7 percent to $160 premarket after the biggest US home improvement store chain reported a better-than-expected quarterly profit. Hess rose 2.9 percent and Murphy Oil rose 2.7 percent. The dollar rose to 113.58 Japanese yen from 113.41 yen, and the pound rose to $1.2915 from $1.2879. Read Commodities Are Stable, Crude Oil Rose to 3-Week Highs to learn more about movements in oil prices.

TREASURY YIELDS: Bond prices rose.

Meanwhile, shares of Yum China fell in NY, trading 1.6 percent weaker as of 2.56pm, after the operator of KFC, Pizza Hut and Taco Bell in China said it agreed to buy a controlling stake in Daojia, an online food delivery service provider. In Asia, Japan's Nikkei 225 stock index slipped 0.1 percent and Hong Kong's Hang Seng index added 0.9 percent to 25,371.59.