S&P 500, Nasdaq end at records as oil shares gain

NEW YORK: The S&P 500 and Nasdaq finished at records Monday after an agreement between major oil exporters boosted crude prices and petroleum-linked shares. 

Both the S&P 500 and Nasdaq jumped 0.5 percent to fresh all-time highs, with the S&P 500 ending at 2,402.32, and the Nasdaq 6,149.67. 

The Dow Jones Industrial Average rose 0.4 percent to 20,981.94. 

Oil prices rallied after Russia's energy ministry released a joint statement with Saudi Arabia calling for a continuation of a deal to restrain production ahead of an OPEC meeting on May 25. 

That gave a boost to energy shares, including oil giant Chevron, up 0.8 percent, the midsized producer Marathon Oil, up 1.8 percent, and oil-services giant Halliburton, up 3.0 percent. 

"We are seeing finally some rebound in the oil prices and that is definitely helping the energy sector," said Nicholas Colas, chief market strategist at Convergex, a brokerage firm. 

"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 Russia that seems to be helping." 

Cybersecurity companies advanced after a cyberattack that started last week hit hundreds of thousands of computers worldwide. FireEye surged 7.5 percent, Palo Alto Networks 2.7 percent and Symantec 3.2 percent. 

Dow member Johnson & Johnson won 2.7 percent following an upgrade from J.P. Morgan, which projected stronger growth in J&J's pharma business due to expected new product approvals. 

Patheon, which provides outsourcing services to pharmaceutical companies developing new drugs, shot up 33.1 percent after agreeing to be acquired by Thermo Fischer Scientific for $7.2 billion. Thermo Fisher rose 0.4 percent. 

  

Copyright AFP (Agence France-Press), 2017