Reuters - Daily Investor Update

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Thursday, May 25, 2017

Oil plunges 5 percent on disappointment with OPEC cuts

NEW YORK (Reuters) - Oil prices tumbled 5 percent on Thursday as the extension of output curbs by OPEC and other producing countries disappointed investors who had hoped for larger cuts, leading to the biggest daily percentage slide in crude prices since early March.

Dollar steady as commodity currencies slip on oil price drop

NEW YORK (Reuters) - The dollar steadied against a basket of major currencies on Thursday, a day after Federal Reserve minutes that dialed down some expectations of the central bank hiking interest rates soon.

Wall Street hits records, helped by consumer stocks

NEW YORK (Reuters) - The S&P 500 and Nasdaq hit record closing highs on Thursday, with the market propped up by gains in the consumer discretionary sector after strong reports from Best Buy and other retailers.

Best Buy unexpectedly beats on sales; shares at record peak

CHICAGO (Reuters) - Best Buy Co Inc reported an unexpected rise in first-quarter comparable sales and the No. 1 U.S. electronics retailer said it planned to save $600 million in costs by the end of fiscal 2021, sending shares to an all-time high on Thursday.

U.S. stocks scale new peaks on retailer results; oil falls

NEW YORK (Reuters) - U.S. stocks scaled fresh highs on Thursday after strong earnings reports from retailers, outpacing European shares which closed little changed, while oil prices plunged after top oil producers extended output cuts for a shorter period than expected.

OPEC, non-OPEC extend oil output cut by nine months to fight glut

VIENNA (Reuters) - OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.

GM is accused in lawsuit of cheating on diesel truck emissions

(Reuters) - General Motors Co was accused in a lawsuit on Thursday of rigging hundreds of thousands of diesel trucks with devices similar to those used by Volkswagen AG , to ensure they pass emissions tests.

Sears surges as cost cuts, asset sale help post profit

(Reuters) - Sears Holdings Corp reported its first quarterly profit in nearly two years, as the retailer slashed costs by nearly a third and benefited from the sale of its Craftsman brand, sending its shares surging as much as 32.5 percent.

Ballooning Chinese dollar borrowing a dilemma for index trackers

LONDON/HONG KONG (Reuters) - Record-breaking dollar bond sales from Chinese companies are steadily increasing China's weight in global indexes, raising concerns about overexposure among investors who track them.

BlackRock to pay $1.25 billion over 20 years for New York headquarters

NEW YORK (Reuters) - BlackRock Inc will initially pay about $60 per square foot in rent for its future headquarters in the Hudson Yards district on the far west side of midtown Manhattan, the company said in a filing on Thursday.