Oil stocks rallied after OPEC reached a deal to cut output, driving the major indexes higher. Roselle Chen reports.
OPEC deal fuels Wall Street
A rally in oil stocks like Chevron and Exxon Mobil lifted Wall Street after OPEC agreed to cut output. Earlier, comments by Federal Reserve Chair Janet Yellen had pressured stocks. She said the central bank was considering making changes to the stress tests administered to big banks.
Max Wolff of Manhattan Venture Partners:
SOUNDBITE: MAX WOLFF, CHIEF ECONOMIST MANHATTAN VENTURE PARTNERS, (ENGLISH) SAYING:
“We know the stress tests don’t work that well. They’ve evolved, and banks have figured out how to kind of game that system a little bit. So we do need a new regime of better stress tests. And we’re probably going to get more and more difficult discussion of banks just because of the election cycle again.”
BlackBerry hanging up on its smartphones. The Canadian company says it’ll outsource the development and design of the devices, a category that it had once dominated. Shares rose.
CBS and Viacom could become one. Reuters has learned that Sumner Redstone’s National Amusement, which controls both companies, is exploring a merger between the broadcast television network and the cable channel operator.
In Europe, shares of Deustche Bank bounced back, lifting the major market indexes.