Dow ends above 18,000 as market shrugs off Doha

A Wall Street street sign is displayed in front of the New York Stock Exchange (NYSE) on Monday (April 18).
A Wall Street street sign is displayed in front of the New York Stock Exchange (NYSE) on Monday (April 18).PHOTO: BLOOMBERG

NEW YORK (AFP) - The Dow finished above 18,000 for the first time in nine months Monday as stocks shrugged off the failure of major oil-producing countries to strike a deal to strengthen prices.

The Dow Jones Industrial Average advanced 106.70 points (0.60 per cent) to 18,004.16, the first close above 18,000 since July 20.

The broad-based S&P 500 rose 13.61 (0.65 per cent) to 2,094.34, while the tech-rich Nasdaq Composite Index gained 21.80 (0.44 per cent) at 4,960.02.

Oil prices initially tumbled on news of the failure of talks of producers in Doha, Qatar, to limit output. But oil prices pushed back near to level, in part on news of a Kuwait oil-workers strike.

Petroleum shares posted solid gains, including Dow member Chevron, up 1.5 per cent, and ConocoPhillips, up 3.0 per cent.

"We're not seeing the sort of massive move in the oil prices" that had been projected if the Doha talks failed, said Art Hogan, chief market strategist at Wunderlich Securities.

Banking shares rose, with Bank of American and Wells Fargo both gaining 1.2 percent and JPMorgan Chase 0.7 per cent.

Apple tumbled 2.2 per cent, falling for a second session in a row on worries that iPhone sales may be weakening.

Dow member Disney jumped 2.9 per cent on news that its Jungle Book movie led the US box office over the weekend, grossing US$103.6 million (S$140 million).

Amazon gained 1.5 per cent as it launched a standalone video streaming service as a rival to Netflix and Hulu. The service was previously available only as part of the Amazon Prime subscription program.

Toy company Hasbro climbed 5.8 percent after reporting that net income in the first quarter shot up 83 per cent to $48.8 million. Offerings linked to the Star Wars franchise sold well.