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Dow Adds to Gains as Energy Jumps; Trump to Leave Hospital on Monday

Published 10/05/2020, 12:50 PM
Updated 10/05/2020, 03:03 PM
© Reuters.

© Reuters.

By Yasin Ebrahim

Investing.com – The Dow rallied Monday, led by energy on surging oil prices and confirmation that President Trump will be discharged from hospital later today.

The Dow Jones Industrial Average rose 1.45%, 397 points. The S&P 500 was up 1.56%, while the Nasdaq Composite gained 2%.

Investor sentiment on stocks was also helped by news that President Donald Trump will be leaving Walter Reed National Military Medical Center at 6:30 p.m. ET on Monday.

Energy rose more than 2% to lead the broader market higher as oil prices rose on fears of supply disruptions amid a strike in Norway's energy industry and a tropical storm forecast on a path toward the U.S. gulf coast.

Occidental Petroleum (NYSE:OXY), Valero Energy (NYSE:VLO) and TechnipFMC PLC (NYSE:FTI) were among the biggest gainers in energy.

Tech also led the move higher as as Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) Alphabet (NASDAQ:GOOGL), Facebook (NASDAQ:FB) rose more than 1% while Amazon.com (NASDAQ:AMZN) was up 2%. Together these five stocks make up a quarter weighting of the S&P 500.

In other tech news, DocuSign (NASDAQ:DOCU) jumped 3% after Morgan Stanley upgraded the stock to overweight from equal weight, citing strong fundamentals.

Financials, mostly banks - ahead of their quarterly earnings expected next week - were pushed higher by rising bond yields as the United States 10-Year rose to its highest levels since August.

JPMorgan Chase (NYSE:JPM), and Bank of America (NYSE:BAC) rose more than 1%, while Citigroup (NYSE:C) surged 3%.

The move higher in value stocks like financials was also supported increasing hopes that U.S. Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi will be able to progress their weekend talks to a deal.

The economy has appeared resilient despite the lack of stimulus as data showed services activity last month topped economists' estimates.

"The headline PMI improved in September to 57.8 from 56.9. The index remains off the July high of 58.1 (strongest since February 2018), but the details of the data are the most encouraging that we have seen since the recovery began," Jefferies (NYSE:JEF) said in a note.

Latest comments

Do u catch a flu and be well in 4 days? He show us covid cause less damage than flu. Why would we shut down the economy at the first place then?
when John doe gets covid is transferred on helicopter to an hospital with 6 doctors per patient gets all the medical treatment imaginable....your words are shame to the 1/4 million dead Americans!
Whether you like Trump or not... the stock market is doing good.... and its not because anything to do with sleepy Joe... are you starting to get the picture?.... if you rely on the poles... you probably made the same mistake in 2016... MAGA 2020... get use to it folks!
Well....it’s....polls....used... 7th Grade English Class corrections made by a college-educated Biden supporter for a typical uneducated Trumper. Very sad!
Market is up due to new poll out today showing Biden’s lead over Fake Covid Donny has improved to a whopping 14 points!
Sooo... market is up 2% for no reason again, huh? Time to get short, I guess.
Using the Ouija Board again aye?
Trump go win !!!
The stock market is voting today...and it's not for Biden.
Liars! They’re all liars on Dr Donny’s team and in his family. Nobody in that group has Covid.
The lefts rumors about the President's health have been greatly exaggerated... As was Samuel Clemens'
and the market goes up on the words of a known provocateur. Robin Hood crazies and Fed colluders. we're in good hands. the sky is the limit and only chicken little balks.
He lied for political leverage.  Only explanation.
“Economic recovery” Lol
why is apple even worth mentioning in this?
more talking and then more talking and finally more talking
hi
um.... energy has not been leading the market at all today. the only thing that went up is oil price. stocks barely rose
hi
Uh, i am up 8% on AR natural gas...
just today
Shill
misleading article lool.. this market is doomed soon!!!!
Big banks are losing money lending in this environment, the ones with IB arms that are orchestrating this blip will turn around and sell in a NY minute to make a quick profit as soon as enough suckers show up to hold the bag.
yeah , rally coming in october , BAnks want this , Goldman , jp , finish the play
traders are out of stimulus, harry up, old men from capitol, until you all infected
The moment the FED's digital printer stops everything goes bust. I wonder what kind of people write this type of articles?
Great!! No need for another round of stimulus and increased national debt.
Lol OK whatever the CASINO says.
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