The big news today involved energy ministers from Russia and Saudi Arabia stating that they would back a nine-month extension to the oil production cut deal. A final decision is still to be made at the OPEC meeting on May 25th, but this news drove oil prices higher, which carried the broader market with it.
Light crude jumped over 2%, ending the day just shy of $49/barrel. This caused shares in the energy sector to rally, along with major indexes. The Industrials ended the day up 85 points while the Transports gained 0.73%. The Nasdaq and S&P 500 both climbed nearly half a percent.
Earlier in the day global markets also moved higher. Of the major markets cross Asia and Europe, only Japan posted a loss, with the Nikkei down 0.07%. The Asia Dow climbed 0.22% while the Europe Dow Climbed 0.74%.
Treasury bonds in the U.S. sold off, causing the yield on the 10-year ... Log in or subscribe to continue reading.