Business

Oil price rise helps push Wall Street higher

NYSE traders Image copyright Reuters

US markets reached new highs on Monday, after a rise in the oil price boosted equities linked to the industry.

Chevron and Halliburton were among the heavyweight stocks to benefit after Saudi Arabia and Russia said an oil production curb would be extended.

A flurry of company announcements also buoyed share prices.

The Dow Jones index closed 0.41% higher at 20,981.94 points, and the S&P 500 rose 0.48% to 2,402.32. The Nasdaq gained 0.46% to 6,149.67.

Insurer AIG rose 1.36% after appointing Brian Duperreault as chief executive.

Mr Duperreault, who has a reputation as a restructuring specialist, told investors on Monday: "I didn't come here to break the company up. I came here to grow it."

Moody's rose 1.2% after announcing it had agreed to buy the Dutch financial information company Bureau van Dijk for $3.2bn.

Investors seemed to mostly shrug off fears from a successful missile test by North Korea and a cyberattack that disrupted operations at car factories, hospitals, shops and schools.

Microsoft, which has blamed governments for storing data on software vulnerabilities which could then be accessed by hackers, fell 1.23%.

But shares of cybersecurity firms such as Fireye, Symantec and Palo Alto Networks were all higher.

The gains meant a new high for the S&P 500 as well as the Nasdaq, which has repeatedly notched new records in recent weeks alongside rising tech stocks.

Nvidia, a chip maker, also gained 5% on Monday, extending its rise after last week's earnings report.