US stocks ended Tuesday after the White House confirmed it would release 50 million barrels of oil from the Strategic Petroleum Reserve to combat higher energy prices.
|Me: DJI||DOW JONES AVERAGE VALUES||35813.8||+194.55||+ 0.55%|
|SP500||S&P 500||4690.7||+7.76||+ 0.17%|
The Dow Jones Industrial Average closed 194 points, or 0.5%, with Goldman Sachs, Travelers Companies and JP Morgan Chase accounting for more than half of its gains while the S&P 500 closed 0.17%.
|GS||THE GOLDMAN SACHS GROUP, INC.||406.32||+10.34||+ 2.61%|
|TRV||THE TRAVELERS COS., INC.||160.26||+3.39||+ 2.16%|
|JPM||JPMORGAN CHASE & CO.||168.28||+3.93||+ 2.39%|
Meanwhile, the Nasdaq lost 0.5%, falling for the second straight day as rising bond yields weighed on big technology stocks.
|Me: COMP||NASDAQ COMPOSITE INDEX||15775.138332||-79.62||-0.50%|
Oil rose 2.3% to close at $ 78.50 a barrel as traders doubt Biden’s move will bring prices down. Big Oil rose in tandem.
|USE||UNITED STATES OIL FUND LP||56.20||+1.75||+ 3.21%|
|XOM||EXXON MOBIL CORP.||63.13||+1.62||+ 2.63%|
|CVX||CHEVRON CORP.||116.30||+2.39||+ 2.10%|
The yield on 10-year government bonds jumped to a one-month high of 1.67%.
SHORT-TERM RESOLUTION OF THE CONNECTION OIL RESERVE: OPINION
On the earnings news, Zoom’s shares fell 14% in Tuesday’s trading session, putting pressure on the broader market after sales slowed as more employees returned to the office.
|ZM||ZOOM VIDEO COMMUNICATIONS, INC.||206.64||-35.64||-14.71%|
Investors also digested a mixed mix of retail profits. Dick’s Sporting Goods raised its full-year guidance on strong consumer demand, while Dollar Tree announced price increases for all stores to $ 1.25 after quarterly results were in line with expectations and Best Buy’s fourth-quarter Christmas sales fell below analysts’ estimates was.
|DLTR||DOLLAR TREE, INC.||144.71||+12.15||+ 9.17%|
|DKS||DICK’S SPORTING GOODS, INC.||134.55||-5.73||-4.08%|
|BBY||BEST BUY CO., INC.||121.01||-16.99||-12.31%|
Retailers to watch out for after the bell include Gap and Nordstrom.
|Geographic positioning system||GAP, INC.||23.51||-0.43||-1.80%|
On the economic list, the Markit manufacturing PMI was slightly above estimates at 59.1, but the Services PMI was two points short of estimates at 57. Any value above 50 indicates an expanding sector.
The US financial markets are closed on Thursday for the Thanksgiving holiday and have a shortened session on Friday with trading close at 1 p.m. ET. Wednesday markets are open as usual.