U.S. Stocks Reach New Highs as Oil Climbs, Bonds Slip

U.S. stock indexes close at record levels as a rally in crude and dollar weakness sparked gains in commodities producers. Emerging-market assets jumped and Treasuries slid.

The S&P 500 Index and Nasdaq Composite Index set records as energy, financial and materials shares paced the gains. West Texas Intermediate crude added 2 percent after Saudi Arabia and Russia said they’d extend a production-cut deal longer than expected. The South African rand, Mexican peso, Brazilian real and Canadian dollar were among the best performing major currencies.

Crude also got a boost from China’s sweeping plan to boost global infrastructure, though data showed the country’s factory output and investment slowed in April. Commodities have struggled for weeks as signs of a crude glut re-emerged and President Donald Trump struggled to get his infrastructure plan underway. Numbers on American retail sales and inflation also cast a shadow on growth.

Here are the main movers for today:

Stocks

· The S&P 500 rose 0.5 to close at 2,402.34, topping its record from last week. It ended that period down 0.4 percent, its first weekly loss since mid-April. The Nasdaq Composite gained 0.5 percent to 6,149.67, also an all-time high.

· The PureFunds ISE Cyber Security ETF, or HACK jumped the most in six months after a wave of global οnline attacks over the weekend.

· An S&P index of homebuilders climbed 1.4 percent as a measure of manufacturer confidence climbed.

· The Stoxx Europe 600 ended higher by 0.1 percent after touching the highest level since August 2015 last week.

· The MSCI Emerging Market Index added 0.9 percent to reach a new high and push its six-day rally to 3.5 percent.

Commodities

· WTI jumped 2.3 percent to $48.92 a barrel, after climbing 3.5 percent last week.

· Gold futures advanced 0.24 percent to $1,231 an ounce, extending gains to a third day.

· Copper futures increased 1 percent, while aluminum rose 0.8 percent.

Currencies

· The Bloomberg Dollar Spot Index slipped 0.3 percent after falling 0.4 percent Friday. The gauge has been down for four straight days.

· The yen slipped 0.35 percent to 113.77 per dollar, while the euro added 0.4 percent to $1.0978.

· South Africa’s rand gained 1.4 percent against the dollar, while the Brazilian real strengthened 0.54 percent and the Mexican peso added 0.8 percent.

Bonds

· The yield on 10-year Treasury notes rose one basis point to 2.34 percent, after dropping six points Friday when the weaker-than-expected CPI report buoyed bond prices.

· Benchmark yields in France rose four basis points and those in Germany climbed three basis points.

Asia

· China shares trading in Hong Kong rallied to the highest level since March, as President Xi Jinping’s plans for an international infrastructure program overshadowed data showing slower growth in factory output and investment.

· Tokyo shares almost erased earlier losses as the yen weakened and investors assessed a wave of corporate earnings.



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