Wall St hits fresh records as as oil hits one-month high

US stocks rose to fresh records overnight, led by gains in commodity-linked shares as crude oil prices reached a one-month high.

European shares were modestly higher as several traders took public holidays. European markets are also waiting for the first official data from Britain since the Brexit vote.

The positive global leads are set to boost the Australian market this morning, with ASX futures seven points higher at 6.35am (AEST).

Shares of US mining and chemical companies climbed, while energy shares gained 0.6 per cent as oil climbed again after posting its best week since April. US crude futures rose 2.8 per cent to settle at $US45.74 a barrel, extending gains in the wake of last week’s signals that major producers may consider working to cap production.

Those gains have helped boost stocks in recent sessions. The S&P 500 has risen for six of the past seven weeks.

Overnight (AEST), the Dow Jones Industrial Average rose 60 points, or 0.3 per cent, to 18636. The S&P 500 added 0.3 per cent, while the Nasdaq Composite climbed 0.6 per cent.
Retail companies are providing the bulk of earnings reports in the S&P 500 over the next two weeks, according to FactSet, after better-than-expected results from J.C. Penny and Nordstrom helped lift consumer shares last week. Nordstrom and Kohl’s were among the biggest gainers in the index, though disappointing retail sales data released Friday helped bolster investors’ expectations that the Federal Reserve isn’t likely to raise interest rates soon.

Fed-funds futures, used by investors to place bets on central bank policy, show a less-than-50 per cent probability of a rate rise by December, according to CME Group.

Expectations for more central bank accommodation should continue to support equities, analysts said, even amid mixed economic data and relatively high valuations on US stocks.

While dependence on central bank stimulus is “not healthy or good,” it should “keep the show going,” said Alastair Winter, chief economist at Daniel Stewart & Company.
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