Stocks bounce back as oil hits 7-year high

WTI crude oil nears $79 a barrel

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 35741.15 +64.13 +0.18%
SP500 S&P 500 4566.48 +21.58 +0.47%
I:COMP NASDAQ COMPOSITE INDEX 15226.706157 +136.51 +0.90%

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 EXXON MOBIL CORP. 64.40 +1.25 +1.98%
HAL HALLIBURTON CO. 26.22 +0.33 +1.27%
KMI KINDER MORGAN, INC. 17.85 +0.18 +1.02%

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 FACEBOOK, INC. 328.69 +4.08 +1.26%

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 164.08 +0.36 +0.22%

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 LORDSTOWN MOTORS 5.02 +0.24 +5.02%

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. 131.93 +0.31 +0.24%

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%. 


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.