Energy and tech stocks drove the markets higher following a weekend cyberattack and a Saudi-Russian meeting over oil production. Fred Katayama reports.
Rising oil prices and improved home builder sentiment lifted Wall Street Monday. The S&P 500 and Nasdaq hit record highs. Investors shrugged off the impact of the global cyber attack. GoldBean CEO Jane Barratt: SOUNDBITE: JANE BARRATT, CEO, GOLDBEAN, (ENGLISH) SAYING: "The markets were understandably nervous around the cyberattack, but I think the great news coming from the housing sector in terms of the housing market index overperforming estimates as well as the contraction of the oil supply - that's, you know, huge pieces of news." Sparking the rally in crude prices that lifted Exxon and Chevron: Saudi Arabia and Russia said production cuts needed to last into 2018. U.S. home builder unexpectedly rose in May as home supply remained tight. Morgan Stanley put the brakes on Tesla, lowering the stock's rating to "equal weight" from "overweight." It said it has a hard time seeing Tesla as the dominant player and a standalone company over the long run. Fireeye, Palo Alto Networks and Symantec among the gainers as cyber security experts fear new versions of the ransomware worm that caused the global cyberattack will strike. Patheon among the top gainers on the NYSE. Thermo Fisher Scientific is buying the Dutch drug ingredients maker for $5.2 billion. Starbucks rose after Deutsche Bank Securities upgraded the stock to "buy" from "hold" and upped its price target. In Europe energy and financial stocks drove shares higher.