Stocks bounce back as oil hits 7-year high
WTI crude oil nears $79 a barrel
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U.S. stocks rallied Tuesday as the major averages recouped most of their prior day's losses.
The Dow Jones Industrial Average jumped 313 points, or 0.92%, while the S&P 500 index and the Nasdaq Composite index advanced 1.05% and 1.25%, respectively. The gains came a day after the Nasdaq plunged more than 2%, extending the decline off its Sept. 3 high to 7.3% while closing at its lowest level since June 23. All three of the major indexes finished just below their closing levels from Friday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 52347.55 | +50.46 | +0.10% |
| SP500 | S&P 500 | 7561.67 | -30.73 | -0.40% |
| I:COMP | NASDAQ COMPOSITE INDEX | 25136.272616 | -229.82 | -0.91% |
In stocks, energy-related names, including Exxon Mobil Corp., Haliburton Co. and Kinder Morgan Inc., gained as West Texas Intermediate crude oil hit a seven-year high, up $1.31 at $78.93 a barrel.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXONMOBIL HOLDINGS CORP. | 170.59 | +0.81 | +0.48% |
| HAL | HALLIBURTON CO. | 33.78 | +1.02 | +3.11% |
| KMI | KINDER MORGAN INC. | 31.92 | -0.09 | -0.28% |
Facebook Inc. was in focus after a whistleblower testified on Capitol Hill about the harmful effects of its platform a day after the social media site and its Instagram and WhatsApp services were knocked offline for several hours.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FB | PROSHARES TRUST S&P 500 DYNAMIC BUFFER ETF | 44.65 | -0.01 | -0.02% |
Johnson & Johnson filed with the U.S. Food and Drug Administration for emergency-use authorization of a booster shot of its COVID-19 vaccine for people 18 years and older.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JNJ | JOHNSON & JOHNSON | 285.75 | +2.23 | +0.79% |
Lordstown Motors Corp. was downgraded at Morgan Stanley from "hold" to "sell" and given a $2 price target amid concerns over the planned sale of the company’s Ohio plant for $230 million, or less than 20% of its value.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RIDE | NO DATA AVAILABLE | - | - | - |
In deals, Qualcomm Inc. and investment firm SSW Partners agreed to buy Swedish automotive technology group Veoneer for $4.5 billion, an 18.4% premium to a bid made in July by Canadian mobility technology company Magna.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| QCOM | QUALCOMM INC. | 172.47 | -4.67 | -2.64% |
Overseas markets were mostly higher.
European bourses rallied across the board with Germany’s DAX 30 advancing 1.05%, Britain’s FTSE 100 adding 0.94% and France’s CAC 40 climbing 1.52%.
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In Asia, Hong Kong’s Hang Seng index edged up 0.28% while Japan’s Nikkei 225 tumbled 2.19%. China’s Shanghai Composite was closed for holiday.