News Highlights: Top Global Markets News of the Day

Features Dow Jones Newswires

OPEC Extends Oil Output Cuts but Glut Fears Persist

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OPEC has renewed an agreement with a dozen other crude-oil producers to withhold supplies into March 2018, betting it can raise prices despite soaring output from American shale producers.

U.S. Stocks Rise, Buoyed by Consumer Discretionary Sector

Consumer-discretionary shares lifted U.S. stock indexes while oil prices slid. The S&P 500 added 0.4%, a fresh closing record.

Oil Tumbles as OPEC Cuts Disappoint

Oil prices plunged nearly 5% after OPEC's announcement of extending production cuts disappointed some traders who had hoped for a more aggressive plan for boosting crude prices.

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Trump Officials Offer Differing Views on Tax Plan

Senior Trump administration officials split with each other publicly Thursday on a core feature of the president's tax plan.

Fed's Brainard Sees Global Economy Improving, but Has Warnings for U.S.

Federal Reserve governor Lael Brainard painted an upbeat picture of the global economy, but sounded more guarded on the domestic front, during a panel discussion Thursday in Washington.

Bond Brokers See Fed's Portfolio Cut to $3 Trillion to $4 Trillion by End of 2019

Most bond brokers surveyed by the New York Fed expect the central bank's $4.5 trillion portfolio of bonds and other assets to stand between $3 trillion and $4 trillion by the end of 2019, according to survey results released Thursday.

China Hitches Yuan to the Dollar, Buying Rare Calm

China's central bank appears to have effectively pegged the Chinese yuan to the dollar in recent weeks, a policy twist that has helped stabilize the currency in a year of political transition.

U.S. Mortgage Rates Drop to Lowest Level This Year

Mortgage-finance company Freddie Mac said average fixed mortgage rates in the U.S. fell in the latest week, reaching a low for the year.

Globalization, Gold and the Return of History

Donald Trump's first venture abroad has been notable for its calm, after the tumult he left behind in Washington. For investors worried that the U.S. president could destabilize the global trade and security regime, his willingness so far to stick to the script might have come as a relief.

Kansas City Fed Manufacturing Index Expands in May

Manufacturing activity across the Plains states expanded in May, with strong expectations for future activity.

(END) Dow Jones Newswires

May 25, 2017 19:15 ET (23:15 GMT)