January 21, 2018

Oil prices move up on hopes supply glut may ease

18 May 2017, 02:08 | Frank Carlson

Traders work on the floor of the New York Stock Exchange in New York U.S

Traders work on the floor of the New York Stock Exchange in New York

Stocks are closing broadly higher on Wall Street, bringing more record high closes for major indexes.

Utilities, phone companies, and other high-dividend stocks were among the biggest decliners.

The broader S&P 500 Index was on track for fresh record highs before reversing course to settle down 0.1% at 2,398.86. The Nasdaq gained 20.20 points, or 0.3 percent, to 6,169.87.

The major USA stock indexes wavered between small gains and losses in midday trading Tuesday a day after the market closed at record highs. As a group, energy stocks are still down 9 percent for 2017, while the S&P 500 500 has climbed 7 percent.

European markets closed higher: London's FTSE gained 0.3 per cent, Paris added 0.2 per cent and Frankfurt rose 0.3 per cent.

Chipmaker Advanced Micro Devices was the biggest gainer in the S&P 500, surging $1.33, or 11.7 percent, to $12.75. The S&P 500 and Nasdaq hit new highs on Monday. It was up 0.3 percent, and its biggest driver was Microsoft, which was up 1.7 percent. The Nasdaq composite index was up a fraction at 6,150.

The Russell 2000 is up 37.55 points, or 2.8 percent. The 2.3% rise in Cisco Systems (CSCO.O) was driven in partly by its security technology business.

Ducks' Ryan Kesler now knows he's rattled Preds' Johansen
Nashville has a serious challenge now, and adversity has arrived in the form of Ryan Kesler , the Ducks' defense-minded center. The next summer they signed him to a six-year extension, that will keep him in Anaheim through 2022 at $6,875,000 a year.

In the commodities markets, the price of gold rose $2.30 to settle at $1,230 per ounce, silver rose 20 cents to $16.60 per ounce and copper gained almost 2 cents to $2.54 per pound. The 30-year yield rose to 3.01 percent from 2.99 percent, while the two-year yield slipped to 1.28 percent from 1.29 percent. Brent crude, used to price global oils, lost 17 cents to $51.65.

Natural gas fell 8 cents to $3.35 per 1,000 cubic feet, heating oil rose 2 cents to $1.51 per gallon and wholesale gasoline climbed 2 cents to $1.60 per gallon.

Energy shares were lifted as oil prices gushed higher after Saudi Arabia's energy minister Khalid al-Falih and Russian energy minister Alexander Novak said in Beijing that a joint deal to cut crude supplies would be extended until the end of March 2018 from the middle of this year.

Chipmaker Advanced Micro Devices was the biggest gainer in the S&P 500, surging 1.33 U.S. dollars (£1.02), or 11.7%, to 12.75 USA dollars (£9.87).

MARKETS OVERSEAS: In Europe, Germany's DAX was flat, while France's CAC-40 was down 0.2 percent. It gained 98 cents on Monday.

Shares of Alphabet Inc. rose 0.4% after Waymo LLC, the driverless-car division of the Google parent, and ride-hailing startup Lyft Inc. said on Sunday they would work together to develop autonomous vehicle technology.

Shares of oil majors Exxon and Chevron helped boost the S&P energy index, which was on track to close higher for the first time in three sessions.

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