US close: Markets move higher as dollar remains weak

By Sharecast News

Sharecast News | 22 May, 2017

23:29 29/04/24

17,782.71
0.36%64.42

Max: 17,820.00
Min: 17,671.03

Volume: 0
MM 200 : 16,277.19

Commodity-related issues buoyed the main Wall Street averages on Monday as the US dollar continued to trade on the backfoot.

The Dow Jones Industrial Average finished up 0.43% at 20,894.82, while the S&P 500 added 0.52% to 2,394.02 and the Nasdaq 100 finished 0.85% firmer at 5,699.40.

Indications at the weekend that OPEC might be moving closer to extending a deal to cut its combined output put a bid into oilfield services names.

The White House was scheduled to make its budget request the next day.

According to the Washington Post, it was likely to include large cuts to Medicaid and changes to programmes meant to fight against poverty.

Oanda senior analyst Craig Erlam said: "US President Donald Trump’s global tour will be of interest to traders although we do appear to be seeing a more reserved version of himself so far, which will come as a relief to many."

There was little on the economic agenda by way of proper data releases, but multiple speeches from top Federal Reserve officials were scheduled.

Speeches were due after the close from Fed Governor Lael Brainard and Chicago Fed President Charles Evans.

In corporate news, chemicals group Huntsman lost 2.1% after it agreed to a merger of equals with Switzerland’s Clariant that will create a company worth around $20bn.

Ford Motor was 2.12% higher on news it will replace chief executive Mark Fields with Jim Hackett.

Dow Jones - Risers

Boeing Co. (BA) $183.67 1.61%
3M Co. (MMM) $198.51 1.38%
Unitedhealth Group Inc. (UNH) $174.71 1.22%
Cisco Systems Inc. (CSCO) $31.59 1.22%
Microsoft Corp. (MSFT) $68.45 1.12%
Intel Corp. (INTC) $35.77 1.05%
Visa Inc. (V) $93.31 0.90%
Travelers Company Inc. (TRV) $121.68 0.71%
Coca-Cola Co. (KO) $44.18 0.64%
Apple Inc. (AAPL) $153.99 0.61%