(Updates prices, changes comment)
* Worries over cyber attack result in stock buying
* Commodity-linked currencies rise
* S&P 500 hits record high
By Rodrigo Campos
NEW YORK, May 15 Commodity-linked stocks and
currencies got a lift on Monday from rising crude oil prices
after major producers Saudi Arabia and Russia said they would
extend oil supply cuts into 2018.
Cyber-security shares also got a lift, after a hack that
locked down hundreds of thousands of computers across 150
countries over the weekend.
Energy ministers from the world's top two oil producers said
production cuts, which were set to expire next month, should
continue until March, longer than an optional six-month
extension specified in the deal.
"It's more jawboning from OPEC, and I think in the end it's
going to prove to be noise... so the rally is probably a little
much," said Michael O’Rourke, chief market strategist at
JonesTrading in Greenwich, Connecticut.
"But the market is reacting to the headlines."
The Organization of the Petroleum Exporting Countries meets
in Vienna on May 25 to consider the extension.
U.S. crude rose 2.09 percent to $48.84 per barrel
and Brent was last at $51.82, up 1.93 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 with unprecedented global reach.
The global "ransomware" cyber attack disrupted factories,
hospitals, shops and schools, and 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 3.2
percent at $30.71.
U.S. cyber stocks jumped, and the largest advancing sector
on Wall Street was technology, with Cisco leading the
way up on the S&P 500, which hit a record high.
The Dow Jones Industrial Average rose 81.2 points, or
0.39 percent, to 20,977.81, the S&P 500 gained 10.35
points, or 0.43 percent, to 2,401.25 and the Nasdaq Composite
added 24.19 points, or 0.4 percent, to 6,145.42.
The pan-European FTSEurofirst 300 index rose 0.10
percent and MSCI's gauge of stocks across the globe
gained 0.46 percent.
Emerging market stocks rose 0.91 percent. MSCI's broadest
index of Asia-Pacific shares outside Japan
closed 0.68 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 0.34 percent, with the euro
up 0.46 percent to $1.0978.
The Japanese yen weakened 0.37 percent versus the greenback
at 113.77 per dollar, while sterling was last trading at
$1.2896, up 0.05 percent on the day.
The Canadian dollar strengthened 0.48 percent versus the
greenback at 1.36 per dollar.
U.S. Treasury yields slipped after the weak U.S. data.
Benchmark 10-year notes last fell 3/32 in price
to yield 2.3415 percent, from 2.333 percent late on Friday.
Spot gold added 0.2 percent to $1,230.61 an ounce.
U.S. gold futures gained 0.25 percent to $1,230.80 an
Copper rose 0.96 percent to $5,613.00 a tonne.
(Additional reporting by Caroline Valetkevitch, Jessica
Resnick-Ault, Dion Rabouin and Karen Brettell in New York;
Editing by Bernadette Baum)