Dow, S&P 500 gain, oil jumps despite strategic reserve tap

Oil rose 2.3%, closing at $78.50 per barrel

U.S. stocks finished mixed on Tuesday after the White House confirmed it will release 50 million barrels of oil from the Strategic Petroleum Reserve in an effort to combat higher energy prices. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 44782 -128.65 -0.29%
SP500 S&P 500 6047.15 +14.77 +0.24%

The Dow Jones Industrial Average closed up 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 up 0.17%.

Ticker Security Last Change Change %
GS THE GOLDMAN SACHS GROUP INC. 608.57 +3.14 +0.52%
TRV THE TRAVELERS COS. INC. 266.04 -0.62 -0.23%
JPM JPMORGAN CHASE & CO. 249.72 -0.07 -0.03%

Meanwhile, the Nasdaq slipped 0.5%, falling for the second consecutive day, as rising bond yields weighed on big tech stocks. 

Ticker Security Last Change Change %
I:COMP NASDAQ COMPOSITE INDEX 19403.947849 +185.78 +0.97%

Oil rose 2.3% closing at $78.50 per barrel as traders doubted Biden's move will take prices lower. Big oil rose in tandem. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND - USD ACC 71.04 -0.57 -0.80%
XOM EXXON MOBIL CORP. 117.83 -0.23 -0.19%
CVX CHEVRON CORP. 162.21 +0.28 +0.17%

The 10-year Treasury yield jumped to a one-month high of 1.67%. 

TAPPING OIL RESERVE SHORT-TERM FIX: OPINION

In earnings news, shares of Zoom tumbled 14% in Tuesday's trading session, pressuring the broader market, following a slowdown in sales as more workers return to the office. 

Ticker Security Last Change Change %
ZM ZOOM COMMUNICATIONS INC. 83.11 +0.42 +0.51%

Investors also digested a mixed bag of retail earnings. Dick's Sporting Goods raised its full-year guidance citing strong consumer demand, while Dollar Tree announced price hikes for all stores to $1.25 after quarterly results were in-line with expectations and Best Buy forecast fourth-quarter holiday sales that fell short of analysts estimates. 

Ticker Security Last Change Change %
DLTR DOLLAR TREE INC. 72.00 +0.49 +0.69%
DKS DICK'S SPORTING GOODS INC. 209.74 -3.96 -1.85%
BBY BEST BUY CO. INC. 90.69 +2.54 +2.88%

Retailers to watch after the bell include Gap and Nordstrom. 

Ticker Security Last Change Change %
GPS NO DATA AVAILABLE - - -
JWN NORDSTROM INC. 23.06 +0.35 +1.54%

On the economic docket, the Markit manufacturing PMI came in slightly ahead of estimates at 59.1, but the services PMI missed estimates by two points with a reading of 57. Any reading above 50 indicates an expanding sector. 

U.S. financial markets are closed on Thursday for the Thanksgiving holiday and have a shortened session with a 1 pm ET close on Friday. Wednesday markets will be open as usual.