Oil enjoyed its best day in months, rallying alongside the equities market
The Dow enjoyed a big rebound today, trading broadly higher as it gained over 300 points. The win comes as FAANG stock Amazon (AMZN) rocketed higher amid upbeat headlines about Cyber Monday sales figures, which are poised to set a record of around $7.8 billion, per industry estimates. A General Motors (GM) rally also pushed the market higher, with the automaker rising after announcing major job cuts earlier today. Outside of equities, oil also collected its biggest daily gain in two months, snapping back from Friday's sharp losses.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 24,640.24) rose 354.3 points, or 1.5%, with 28 of the 30 Dow stocks finishing higher. American Express (AXP) was in the lead with a 3.7% jump; while United Technologies (UTX) finished last with a 0.8% loss.
The S&P 500 Index (SPX - 2,673.45) added 40.9 points, or 1.6%, while the Nasdaq Composite (IXIC - 7,081.85) rallied 142.9 points, or 2.1%.
The Cboe Volatility Index (VIX - 18.90) dropped 2.6 points, or 12.2%.
5 Items on our Radar Today
- President Donald Trump advised Mexico to send Central Americans seeking North American asylum back to their home countries. This urging followed Sunday's incident in which U.S. authorities shut down a busy border crossing and fired tear gas into a crowd of migrants who stormed the Mexican side of the border fence. (Reuters)
- In an interview on Sunday night, CEO Elon Musk confessed that Tesla "faced a severe threat of death" earlier this year. Musk revealed that the company was losing massive quantities of money during its Model 3 production hike, but stated that the company was no longer in the red and expects to see profits in upcoming quarters. (MarketWatch)
- The analyst calling AEO a "buy" after Black Friday.
- Why options traders are taking sides on CIEN.
- What sparked a bull gap for WYNN stock.
Data courtesy of Trade-Alert
Oil Enjoys Biggest Jump Since Early October
Oil prices are on the rebound today, with black gold marking its biggest single session gain in almost two months. Expectations for a possible production cut helped fuel the commodity's recovery from Friday's steep sell-off. Oil for January delivery rose $1.21, or 2.4%, to settle at $51.63 per barrel.
Gold futures weakened slightly today, giving back early gains as the equities market rallied. December-dated gold slipped $0.80, or 0.07%, to settle at $1,222.40 an ounce.