US close: Markets finish green as oil prices surge
US equities finished in the green on Tuesday as oil prices surged over 5%, while data pointed to firmer household spending, which could increase the likelihood of a rate hike from the Federal Reserve.
The Dow Jones Industrial Average finished up 0.29% at 18,923.06 points, having started the day in the red, the S&P 500 increased 0.75% to 2,180.39 points and the Nasdaq 100 was 1.33% firmer at 4,764.47 points.
Spreadex’s Connor Campbell earlier said the Dow fell as markets opened due to a combination of rate hike-fears, questions over whether the economy really needs president-elect Donald Trump’s suggested fiscal stimulus and general exhaustion, as it had risen by between 900 to 1,000 points in around 11 days.
Oil prices advanced amid expectations that OPEC members will agree to a cut in production when they meet in late November.
Brent crude was last up 5.39% to $46.91 per barrel and West Texas Intermediate jumped 5.33% to $45.76.
On the macroeconomic front, the Empire State manufacturing index rose to 1.5 in November from -6.8 in the previous month, and above the -2.5 consensus forecast.
According to the Department of Commerce, retail sales volumes grew by 0.8% month-on-month in October to $465.9bn, 4.3% higher than last year, and above the 0.6% forecast.
Naeem Aslam, chief market analyst at ThinkMarkets, said: “The US economic data released today has painted a better picture for the economy.
“Most of the strength was in the retail sales data which came on the heels of higher wage growth.
“The dollar has ticked higher and further away from its lows.”
In corporate news, Home Depot shares fell 2.52% despite the DIY store posting higher than expected third quarter sales and earnings.
Sales rose 6.3% to $23.2bn, compared to last year, and earned $1.60 a diluted share, up from $1.36.
Analysts had expected earnings of $1.58 a share on $23.05bn in revenue.
Shares in Dicks Sporting Goods plunged 6.86% as the Fortune 500 company reported better than expected results and boosted its forecast for the year.
Third quarter revenue rose 10% to $1.81bn, above expectations of $1.77bn.
Dow Jones - Risers
Verizon Communications Inc. (VZ) $47.37 2.58%
Chevron Corp. (CVX) $108.96 2.22%
Exxon Mobil Corp. (XOM) $86.82 1.81%
Apple Inc. (AAPL) $107.11 1.32%
Wal-Mart Stores Inc. (WMT) $71.42 1.32%
Microsoft Corp. (MSFT) $58.87 1.29%
Intel Corp. (INTC) $34.91 1.25%
Cisco Systems Inc. (CSCO) $31.70 1.05%
Goldman Sachs Group Inc. (GS) $211.19 0.96%
General Electric Co. (GE) $30.75 0.79%
Dow Jones - Fallers
Home Depot Inc. (HD) $124.40 -2.56%
Boeing Co. (BA) $148.11 -1.25%
E.I. du Pont de Nemours and Co. (DD) $68.63 -0.62%
Pfizer Inc. (PFE) $32.23 -0.46%
Travelers Company Inc. (TRV) $111.83 -0.29%
Johnson & Johnson (JNJ) $116.32 -0.24%
Walt Disney Co. (DIS) $97.70 -0.22%
JP Morgan Chase & Co. (JPM) $79.36 -0.19%
United Technologies Corp. (UTX) $107.68 -0.17%
Nike Inc. (NKE) $50.13 -0.16%
S&P 500 - Risers
Advance Auto Parts (AAP) $164.33 15.00%
Chesapeake Energy Corp. (CHK) $6.05 10.60%
Murphy Oil Corp. (MUR) $30.92 9.11%
Apache Corp. (APA) $63.40 7.57%
Centene Corp. (CNC) $54.75 6.17%
Hess Corp. (HES) $50.62 5.24%
Marathon Oil Corp. (MRO) $15.70 5.16%
Devon Energy Corp. (DVN) $45.00 5.12%
United Continental Holdings Inc. (UAL) $66.06 4.96%
Newfield Exploration Co (NFX) $40.40 4.77%
S&P 500 - Fallers
Apartment Investment & Management Co. (AIV) $41.03 -4.14%
Regeneron Pharmaceuticals Inc. (REGN) $428.65 -3.57%
AvalonBay Communities Inc. (AVB) $165.13 -3.55%
Chipotle Mexican Grill Inc. (CMG) $399.96 -3.42%
Signet Jewelers Ltd (SIG) $89.65 -3.07%
Allergan plc (AGN) $196.37 -2.80%
Equity Residential (EQR) $59.30 -2.79%
Tiffany & Co. (TIF) $75.96 -2.74%
Perrigo Company plc (PRGO) $89.10 -2.68%
Home Depot Inc. (HD) $124.40 -2.56%
Nasdaq 100 - Risers
JD.com, Inc. (JD) $26.41 11.39%
NetEase Inc. Ads (NTES) $228.10 4.68%
Expedia Inc. (EXPE) $123.54 3.68%
Ctrip.Com International Ltd. Ads (CTRP) $42.02 3.45%
Amazon.Com Inc. (AMZN) $743.24 3.36%
American Airlines Group (AAL) $44.76 3.13%
Nvidia Corp. (NVDA) $86.19 3.05%
Alphabet Inc. Class C (GOOG) $758.49 3.04%
Citrix Systems Inc. (CTXS) $86.05 3.00%
Alphabet Inc. Class A (GOOGL) $775.16 2.91%
Nasdaq 100 - Fallers
Regeneron Pharmaceuticals Inc. (REGN) $428.65 -3.57%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $40.17 -2.83%
Discovery Communications Inc. Class C (DISCK) $26.71 -2.23%
Shire Plc Ads (SHPG) $181.04 -2.12%
Discovery Communications Inc. Class A (DISCA) $27.80 -1.94%
Bed Bath & Beyond Inc. (BBBY) $45.03 -1.77%
Symantec Corp. (SYMC) $24.22 -1.66%
Incyte Corp. (INCY) $103.16 -1.65%
Check Point Software Technologies Ltd. (CHKP) $82.70 -1.63%
Vertex Pharmaceuticals Inc. (VRTX) $93.06 -1.44%