Market news

22 May 2017

The main US stock indexes completed the session in a positive territory

The main stock indexes on Wall Street rose on Monday, helped by the growth of shares in the technology sector, and against the backdrop of a multi-billion dollar arms deal between the United States and Saudi Arabia.

President Donald Trump visited Saudi Arabia over the weekend and concluded deals for $ 110 billion, under which Riyadh will buy US weapons to help counter Iran, and for 10 years the amount of transactions should reach $ 350 billion.

Oil prices have increased moderately, supported by the belief that the main exporters this week will agree to extend the pact on the reduction of oil production, and, possibly, will offer to expand it. Experts note that oil rises in response to expectations that the Organization of Petroleum Exporting Countries and other producers, including Russia, will extend for another 6 or 9 months its deal to reduce oil supplies by 1.8 million barrels per day. The extension of the agreement will be considered at a ministerial meeting of the monitoring committee on May 24 in Vienna, and then at a meeting of OPEC and countries outside the cartel on May 25. Meanwhile, according to informed sources, the OPEC meeting will discuss the possibility of more large-scale cuts in oil production than agreed for the first half of 1.8 million barrels per day. Some analysts believe that without increasing the volume of cuts, it will not be possible to restore the balance of supply and demand in the oil market this year. At the same time, the market has already laid in the price the extension of the agreements at least until the end of 2017.

Most components of the DOW index recorded a rise (21 out of 30). The shares of Pfizer Inc. fell more than others. (PFE, -0.88%). The leader of growth were the shares of Cisco Systems, Inc. (CSCO, + 1.83%).

All sectors of the S & P index finished trading in positive territory. The leader of growth was the technological sector (+ 0.9%).

At closing:

DJIA + 0.43% 20,895.17 +90.33

Nasdaq + 0.82% 6.133.62 +49.92

S & P + 0.52% 2.394.03 +12.30

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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