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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