Stocks jump as oil tops $50, Georgia Senate race outcome ahead
Oil tops $50 per barrel level
Stocks shook off losses, staging an afternoon rally ahead of the Georgia Senate race outcome and news from OPEC.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
I:DJI | DOW JONES AVERAGES | 41794.6 | -257.59 | -0.61% |
SP500 | S&P 500 | 5712.69 | -16.11 | -0.28% |
I:COMP | NASDAQ COMPOSITE INDEX | 18179.984429 | -59.93 | -0.33% |
The Dow Jones Industrial Average rose over 167 points or or 0.55% while the S&P 500 and the Nasdaq Composite rose 0.7% and 0.95% respectively.
Oil was a catalyst for the broader market, crossing the $50 per barrel level for the first time since February of last year as Saudi Arabia agreed to some production cuts. Energy stocks were the top sector within the S&P's major groups.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
XLE | ENERGY SELECT SECTOR SPDR ETF | 89.57 | +1.54 | +1.75% |
USO | UNITED STATES OIL FUND - USD ACC | 74.29 | +2.27 | +3.15% |
Looking ahead, investors are awaiting the Tuesday evening run-off election for the two Senate seats from Georgia, determining whether the Republicans will hold onto their slim majority or Democrats will take control of both chambers of the legislative branch.
In other stock stories, retailer Macy's is set to close 45 additional stores, a move confirmed by FOX Business.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
M | MACY'S INC. | 15.21 | -0.06 | -0.39% |
In sector news, large-cap tech stocks, including Apple, Facebook, Amazon and Google also saw healthy gains.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
AAPL | APPLE INC. | 222.01 | -0.90 | -0.40% |
FB | NO DATA AVAILABLE | - | - | - |
AMZN | AMAZON.COM INC. | 195.78 | -2.15 | -1.09% |
GOOGL | ALPHABET INC. | 169.24 | -2.05 | -1.20% |
In leadership moves, Qualcomm named Cristiano Amon as the incoming CEO. Steven Mollenkopf plans to retire, effective June 30, 2021.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
QCOM | QUALCOMM INC. | 165.18 | -0.09 | -0.05% |
IBM HIRES TRUMP'S FMR. ECONOMIC ADVISOR GARY COHN
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
IBM | INTERNATIONAL BUSINESS MACHINES CORP. | 206.38 | -1.88 | -0.90% |
And Gary Cohn, former head of President Trump's National Economic Council, is joining IBM as Vice Chairman. Cohn, in a tweet, said "I am honored to be joining IBM" amid "unpredictable times."
Overnight, the New York Stock Exchange, owned by Intercontinental Exchange, said it would scrap its plans to delist three Chinese telecom companies. The sudden reversal surprised many market watchers.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
ICE | INTERCONTINENTAL EXCHANGE INC. | 154.49 | -0.15 | -0.10% |
CHL | NO DATA AVAILABLE | - | - | - |
CHA | NO DATA AVAILABLE | - | - | - |
CHU | NO DATA AVAILABLE | - | - | - |
Instead, American depository shares of China Mobile, China Unicom and China Telecom will continue to trade on the exchange after the NYSE cited "further consultation with relevant regulatory authorities in connection with Office of Foreign Assets Control."
ECONOMIC REPORTS
The ISM manufacturing index was released on Tuesday, showing a reading of 60.7. Economists expected a reading of 56.4, down from a prior reading of 57.5.
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In other asset classes, bitcoin rebounded after it touched the $32,000 level in afternoon trading. Gold also rose to $1,952,70 an ounce.
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