US sharemarkets rallied from early weakness on the back of strong earnings and recovery in oil prices. Disney rose 2.7% after Jungle Book dominated the weekend box office grossing more than $100 million. All 10 major S&P sectors were higher. The energy sector rose 1.2%. Toymaker Hasbro jumped 5.7% after reporting better-than-expected quarterly profit. The Dow Jones rose by 107 points or 0.6%, closing above 18,000 points for the first time since July 2015. The S&P 500 index rose by 0.7% while the Nasdaq rose almost 22 points or 0.4%.
US sharemarkets rallied from early weakness on the back of strong earnings and recovery in oil prices. Disney rose 2.7% after Jungle Book dominated the weekend box office grossing more than $100 million. All 10 major S&P sectors were higher. The energy sector rose 1.2%. Toymaker Hasbro jumped 5.7% after reporting better-than-expected quarterly profit. The Dow Jones rose by 107 points or 0.6%, closing above 18,000 points for the first time since July 2015. The S&P 500 index rose by 0.7% while the Nasdaq rose almost 22 points or 0.4%.
Global oil prices fell sharply in early trade before recovering most of the losses on Monday. News that a Kuwaiti oil industry strike, shutting down around 60% of production supported prices. Brent crude fell by US19 cents or 0.4% to US$42.91 a barrel. US Nymex fell to an intra-day low of $37.61 a barrel, before closing down just US58 cents or 1.4% at US$39.78 a barrel.
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