Dow closes more than 150 points higher as oil surges, Georgia runoffs loom; European markets close lower with coronavirus spread, Georgia runoff in focus; BELEX15 down 0.31%
Stocks rose on Tuesday, recovering some of their sharp losses from the previous session, as traders made bets for a strong global economic recovery. The Dow Jones Industrial Average closed 167.71 points higher, or 0.6%, at 30,391.60. The S&P 500 advanced 0.7% to 3,726.86, and the Nasdaq Composite climbed nearly 1% to 12,818.96.
Boeing was the best-performing stock in the Dow, gaining 4.4%. Energy stocks advanced 4.5% — their biggest one-day jump since Dec. 4 — after Saudi Arabia agreed to voluntary production cuts in February and March. Chevron rose 2.7%. The news also sent U.S. oil futures up 4.9% to briefly break above $50 per barrel for the first time since February.
Sentiment also got a boost from stronger-than-expected U.S. manufacturing data. The Institute for Supply Management said its manufacturing index rose to 60.7 in December — its highest level since August 2018 — from 57.5 in November. Economists polled by Dow Jones expected the index to come in at 57.
European stocks closed lower on Tuesday as investors monitored the coronavirus pandemic and the imposition of further restrictions, along with a U.S. Senate runoff election in Georgia. The pan-European Stoxx 600 ended down 0.2% after fluctuating either side of the flatline throughout the trading day.
Aveva Group climbed 7% after UBS upgraded the British IT company’s stock to “buy” from “neutral” and raised its target price.
BELEX15 was down 0.31% as NIS lost 1.5%. At the same time, this was the most active name, among bigger companies, as it generated RSD 1.2m in volume.
Source: CNBC, Ilirika