OIL SPIKES, DOW HITS NEW HIGH

Energy stocks set pace

Oil prices jumped yesterday and gave a push to previously hobbled energy stocks that have been struggling so far this year — a jolt that helped boost the market back to record highs as cybersecurity stocks also climbed on the heels of the “WannaCry” virus hack.

The Standard & Poor’s 500 index rose 11.42 points, or 0.5 percent, to close at 2,402.32, edging past its prior record set last week.

The Dow Jones industrial average gained 85.33 points, or 0.4 percent, to 20,981.94, and the Nasdaq composite gained 28.44, or 0.5 percent, to 6,149.67.

The revitalized energy stocks pushed the market after the price of oil jumped based on the idea that oil-rich countries will continue to cut production. Russia and Saudi Arabia, for example, said they want to extend the cuts through the first three months of 2018.

Benchmark U.S. crude rose $1.01, or 2.1 percent, to settle at $48.85 per barrel. Brent crude, the international standard, rose 98 cents to $51.82 a barrel.

The price of oil has swung sharply in recent years, from more than $100 three years ago to less than $30 last year.

Meanwhile, South Korean stocks rose even after North Korea launched a missile over the weekend and its leader promised more missile tests. North Korea also announced that it had the capability of striking U.S. targets.

The worldwide “ransomware” cyberattack continued to spread, which sent cybersecurity stocks like FireEye and Symantec higher, while politicians in Washington wonder whether Republicans’ odds of implementing tax cuts and other pro-business policies have diminished.

For the most part, signs of a strengthening global economy and improving corporate profits have been enough to allay investors’ fears and push markets to new heights.

“We do really see this prevailing sense of complacency,” Jon Adams, senior investment strategist at BMO Global Asset Management told the Associated Press. “I don’t think we see any dark clouds on the horizon, but I wouldn’t be surprised to see a 5- to 10-percent drawdown from now to year-end.”

Adams expects corporate profits to keep improving, which should help support stocks, but he points to several events that could jolt markets.

Besides the uncertainty about what will happen on the Korean peninsula or in Washington, upcoming elections in the United Kingdom, France and potentially Italy could also upset what’s become a lazy ride for markets.