Stocks Nearing Record High, Supported by Higher Oil Prices
2016年6月8日 - 3:20AM
Dow Jones News
By Riva Gold and Aaron Kuriloff
The S&P 500 approached a record high Tuesday, lifted by
gains in energy shares and renewed confidence that the Federal
Reserve won't disrupt equities markets.
The Dow industrials touched 18000 Tuesday for the first time in
more than a month, as the S&P 500 neared its record of
2130.82.
Rising energy stocks have helped lift the major indexes in
recent weeks as oil prices climbed back around $50 a barrel.
Investors' belief that the Fed will take a cautious approach to
raising rates also boosted the rally.
Oil prices extended gains Tuesday as the dollar weakened and
global outages curbed supply. U.S. crude rose 0.9% to $50.11 a
barrel after settling at its highest level since July on
Monday.
The Dow Jones Industrial Average gained 78 points, or 0.4%, to
17998. The S&P 500 climbed 0.4% and the Nasdaq Composite Index
added 0.2%.
Energy shares in the S&P 500 added 2.1% as Newfield
Exploration climbed 5.1% and Marathon Oil gained 4.4%. Chevron and
Exxon Mobil were among the biggest gainers in the Dow
industrials.
Energy shares in the S&P 500 have rallied more than 10% in
the past three months, while the materials sector has gained over
9%.
"Oil has continued to strengthen, giving people comfort that at
some point we can see a recovery in S&P 500 earnings," said
Doug Foreman, chief investment officer at Kayne Anderson Rudnick
Investment Management.
"Areas like energy, industrial materials and a lot of
commodities -- which had been decimated -- are coming out of a
depression, and that change alone is very, very positive for the
overall marketplace," he said.
U.S. government bond yields fell as concerns about rising rates
faded. The yield on the benchmark 10-year Treasury note was 1.716%,
according to Tradeweb, compared with 1.723% Monday. Yields fall as
bond prices rise.
The 10-year German Bund touched a record low of 0.048%.
Many investors drew reassurance from a speech by U.S. Federal
Reserve Chairwoman Janet Yellen on Monday, in which she said Fed
officials expect the economy to improve but won't raise interest
rates until new uncertainties about the economic outlook are
resolved.
"We think they're going to move very, very slowly," said Monica
Defend, head of global asset allocation research at Pioneer
Investments.
Friday's weaker-than-expected jobs report sharply reduced
expectations for a rate rise at the Fed's June and July meetings.
Market participants currently price just a 4% chance of a rate rise
in June and a 25% chance of a rise by July, according to Fed-fund
futures tracked by CME Group.
"Every data point is really being dissected," said Chris Dyer,
director of global equity at Eaton Vance. "Consumer strength has
been a real engine of growth in the U.S. economy, and this [jobs
report] raises a little bit of a red flag," he said.
The WSJ Dollar Index, which measures the buck against a basket
of 16 currencies, fell 0.3%.
Health care stocks were the only decliners in the S&P 500,
falling 0.4%. Shares of Valeant Pharmaceuticals International fell
15% after the company lowered its forecast for financial
performance. The Nasdaq Biotechnology Index lost 2.1%.
The Stoxx Europe 600 rose 1.1%, led by energy companies,
following an upbeat session in Asia.
Asian shares mostly closed higher, boosted by the recent rally
in commodities and a strong finish on Wall Street. Japan's Nikkei
Stock Average added 0.6%, while Hong Kong's Hang Seng Index gained
1.4%.
In other currencies, the euro edged down less than 0.1% against
the dollar to $1.1353, while the dollar lost 0.1% against the yen
to Yen107.3850.
The British pound recovered 0.7% against the dollar to $1.4555
after new polls suggested support for the U.K. to remain in the
European Union in a June 23 referendum.
-- Akane Otani contributed to this article.
Write to Riva Gold at riva.gold@wsj.com and Aaron Kuriloff at
aaron.kuriloff@wsj.com
(END) Dow Jones Newswires
June 07, 2016 14:05 ET (18:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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