(Updates with U.S. markets, changes dateline from previous
* Worries over cyber attack relegated to background
* Commodity-linked currencies rise
* S&P 500 hits record high
By Rodrigo Campos
NEW YORK, May 15 Commodity-linked stocks and
world currencies got a lift on Monday from a surge in crude oil
prices after major producers Saudi Arabia and Russia said they
would extend oil supply cuts into 2018.
Energy ministers from the world's top two oil producers said
cuts, which were set to expire next month, should continue until
March, longer than an optional six-month extension specified in
"When the two biggest oil producers of the world reach a
consensus on the extension of a supply cut, the market will
listen," Tamas Varga, analyst at oil broker PVM, said in a
"Rhetoric is doing its job but this must be backed by action
in less than two weeks' time."
The Organization of the Petroleum Exporting Countries meets
in Vienna on May 25 to consider the extension.
U.S. crude rose 2.72 percent to $49.14 per barrel
and Brent was last at $52.09, up 2.46 percent on the
The news from the energy sector more than offset concern
over the weekend after a successful missile test by North Korea
and a cyber attack that affected computers in more than 150
The global "ransomware" cyber attack disrupted factories,
hospitals, shops and schools, but spurred investors on Monday to
buy stocks set to benefit from higher cyber security spending by
firms and government agencies.
An exchange-traded fund of cyber security shares across the
globe hit a near two-year high and was last up 3.3
percent at $30.74.
U.S. cyber stocks jumped, but the largest advancing sector
on Wall Street was energy as shares tracked oil prices higher.
The benchmark S&P 500 index hit a record high.
"At this level, there isn't too big a correlation between
oil and equities but since we've seen oil fall quite a bit in a
month or so, today's rally in oil is helping the market grind
higher," said Randy Frederick, vice president of trading and
derivatives for Charles Schwab in Austin, Texas.
The Dow Jones Industrial Average rose 72.73 points,
or 0.35 percent, to 20,969.34, the S&P 500 gained 10.67
points, or 0.45 percent, to 2,401.57 and the Nasdaq Composite
added 23.24 points, or 0.38 percent, to 6,144.47.
The pan-European FTSEurofirst 300 index rose 0.01
percent and MSCI's gauge of stocks across the globe
gained 0.50 percent.
Emerging market stocks rose 0.90 percent. MSCI's broadest
index of Asia-Pacific shares outside Japan
closed 0.7 percent higher, while Japan's Nikkei lost
CRUDE, DATA WEIGH GREENBACK
The currencies of resource-linked economies got a boost from
the jump in oil prices. The Canadian dollar hit its highest
level in over two weeks against the greenback.
The U.S. dollar was also hurt by weak data on New York State
The dollar index, tracking the currency against a
basket of other major units, fell 0.36 percent, with the euro
up 0.45 percent to $1.0977.
The Japanese yen weakened 0.20 percent versus the greenback
at 113.60 per dollar, while Sterling was last trading at
$1.2915, up 0.19 percent on the day.
The Mexican peso strengthened 0.67 percent versus the U.S.
dollar at 18.68.
The Canadian dollar strengthened 0.41 percent versus the
greenback at 1.37 per dollar.
U.S. Treasury yields slipped after the weak U.S. data.
Benchmark 10-year notes last fell 2/32 in price
to yield 2.3398 percent, from 2.333 percent late on Friday.
Spot gold added 0.4 percent to $1,233.79 an ounce.
U.S. gold futures gained 0.48 percent to $1,233.60 an
Copper rose 0.94 percent to $5,611.50 a tonne.
(Additional reporting by Alex Lawler in London, Tanya Agrawal
in Bengaluru, and Dion Rabouin and Karen Brettell in New York;
Editing by Bernadette Baum)