Stocks shrug off losses, tech and energy led turnaround
Tesla and Walmart helped drive a turnaround for markets
U.S. equity markets turned around late in the session to close higher as investors looked past tougher COVID-19 restrictions being enforced throughout the country.
|I:DJI||DOW JONES AVERAGES||33042.78||-50.56||-0.15%|
|I:COMP||NASDAQ COMPOSITE INDEX||13017.425569||+41.74||+0.32%|
The Dow Jones Industrial Average gained more than 44 points, or 0.1% while the S&P 500 and the Nasdaq Composite were higher by 0.39% and 0.87%, respectively.
Tech and energy stocks paced the turnaround, with names including Chevron, Walmart and Intel rising.
New York City announced late Wednesday schools would temporarily close their doors in favor of virtual learning. The decision came a day after Illinois tightened its restrictions and New Orleans canceled Mardi Gras parades.
West Texas Intermediate crude oil lost 8 cents to $41.74 per barrel.
|BAC||BANK OF AMERICA CORP.||28.26||-0.05||-0.18%|
|JPM||JPMORGAN CHASE & CO.||137.46||+0.52||+0.38%|
Meanwhile, Bank of America Corp., JPMorgan Chase & Co. trimmed losses. The U.S. 10-year yield was off 2.5 basis points at 85.5 bps while the 2-year yield was little changed at 17.3 bps.
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Elsewhere, Tesla rallied to a record high two days after it was announced that shares would be added to the S&P 500 beginning on Dec. 21. This as Consumer Reports put the automaker in 25th place out of 26 total brands in this year's edition of its annual auto reliability brand rankings.
And General Motors rolled out details of a planned $27 billion investment in electric vehicles.
|GM||GENERAL MOTORS CO.||33.36||+0.07||+0.21%|
Boeing Co. was little changed after the planemaker was on Wednesday granted approval by the Federal Aviation Administration to return to the skies after being grounded for nearly 20 months following two deadly crashes that killed all 346 people aboard.
|BA||THE BOEING CO.||204.69||+1.06||+0.52%|
Looking at earnings, Nvidia Corp. was little changed after the chipmaker reported better-than-expected earnings and sales, but warned revenue from its data center business would decline sequentially in the first three months of its fiscal year. Shares of rival Advanced Micro Devices Inc. rose.
|AMD||ADVANCED MICRO DEVICES INC.||125.27||-1.76||-1.39%|
Macy’s Inc. reported same-store sales plunged 20% year-over-year as shoppers remained cautious amid the pandemic. The department store chain, which reported earnings and revenue that topped estimates, noted a shift toward casual apparel and home furnishings.
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In Europe, Germany’s DAX traded down 0.88%, Britain’s FTSE was weaker by 0.8% and France’s CAC was off 0.67%.
Asian markets finished mixed with China’s Shanghai Composite up 0.47% while Hong Kong’s Hang Seng and Japan’s Nikkei lost 0.71% and 0.36%, respectively.