U.S. Markets Push Higher, Oil Prices Rise
In a resilient move following the heartbreaking terrorist attacks in Paris on Friday, the U.S. markets pushed higher Monday, as the Dow and S&P 500 saw their biggest gains since October 22 and snapped a 3-day losing streak. The Dow gained 237 points as the S&P added 30 points. The Nasdaq snapped a 5-day losing streak as it closed higher by 56 points.
Oil also took a turn higher, but not for the reasons you might think: It wasn't the Paris attacks but news from OPEC. Output from the cartel fell in October, its third monthly decline in a row. Crude oil gained 2.5% to settle at $41.74 per barrel. By the way, Syria is not an OPEC member nation.
Defense names played offense Monday. Aerospace and defense stocks with exposure to the fight against ISIS in Syria all moved higher, including Northrop Grumman (NYSE:NOC), Raytheon (NYSE:RTN), which is hit a lifetime high today, Lockheed Martin (NYSE:LMT), Digital Globe and General Dynamics (NYSE:GD).
While defense names saw some gains, travel related stocks were also on the move. Airline operators fell Monday on worries that the Paris terror attacks and concerns over future attacks will hurt tourism around the globe. Most of the airline names fell by more than 1%.
Just as tourism and hotel stocks got hit in the wake of the Paris attacks, Marriott International (NASDAQ:MAR) is still moving forward with its plans to buy Starwood Hotels (NYSE:HOT) for $12 billion. The combined companies will create the largest hotel chain in the world. Starwood closed lower by 3.63% and Marriott closed up by 1.35%.
For now, it appears the Paris attacks and the military response have not hurt our markets but FOX Business will bring you any new developments.