Stock futures continue rally, oil climbs above $40
Oil rose as OPEC, Russia and others agreed to extend record output cuts
U.S. equity futures bounced between gains and losses overnight before finally moving solidly higher. This follows Friday's jobs report rally set off by the better-than-expected numbers.
The major futures indexes are pointing to a gain of 0.7 percent.
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Oil rose as high as 2 percent on Sunday night, touching a 3-month high and trading above $40 for the first time since March 6. The gains come as OPEC, Russia and others agreed to extend record output cuts until the end of July. Also supporting prices was the fact that about one-third of oil production in the Gulf of Mexico was cut because of Tropical Storm Cristobal.
Monday morning, U.S. crude has trimmed gains adding 30 cents to $39.85, while Brent crude, the international benchmark added 50 cents to $42.80.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38085.8 | -375.12 | -0.98% |
| SP500 | S&P 500 | 5048.42 | -23.21 | -0.46% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15611.759799 | -100.99 | -0.64% |
Stocks skyrocketed on Friday after data showed the country added 2.5 million jobs in May, boosting optimism about an economic recovery. The Dow Jones Industrial Average jumped 3.2 percent or more than 800 points.
The S&P 500 advanced 2.6 percent and the Nasdaq Composite added 2.1 percent, closing just off of a record.
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In Asia, Japan’s economy is still in recession but contracted at a smaller rate than initially estimated for the first quarter, according to government data released Monday. The Cabinet Office said the economy shrank at an annual rate of 2.2 percent in January-March, better than the 3.4 percent contraction given earlier.
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In Japan, the Nikkei traded 1.4 percent higher, Hong Kong's Hang Seng gained less than 0.1 percent and China's Shanghai gained 0.2 percent.
In Europe, London's FTSE is adding 0.2 percent, Germany's DAX fell 0.3 percent and France's CAC is off 0.4 percent.
German industrial production plunged by nearly 18 percent in April compared with the previous month at the height of Europe's coronavirus lockdowns, official data showed Monday.
The Associated Press contributed to this article.