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Dow Hitches Ride on Energy Sector as Hopes for Extended Production Cuts Boost Oil

Stock MarketsJun 02, 2020 03:03PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Dow climbed Tuesday, led by energy, as investors weighed the effect of widespread protests in the U.S. against ongoing progress to reopen the economy.       

The Dow Jones Industrial Average rose 0.63%, or 160 points, the S&P 500 gained 0.41%, while the Nasdaq Composite added 0.22%.

Against ongoing violent protests over the death of George Floyd that extended overnight, investors continued to bet that disruptions to the progress of reopening are unlikely to knock the odds of a recovery in the second half of the year.        

Cyclical corners of the market sensitive to the reopening progress such as manufacturers, energy companies, and banks continued to catch a bid.

Citigroup (NYSE:C) and Morgan Stanley (NYSE:MS) were up about 2%, while Bank of America (NYSE:BAC) rose 0.55% after pledging to commit $1 billion over four years to support economic and racial inequality accelerated by a global pandemic.

Energy also led the broader market higher, supported by a jump in oil prices to nearly three-month highs on expectations that major producers will extend production cuts when they meet virtually later this week.

RBC Capital Markets' Helima Croft said major oil producers are expected to agree a one- to three-month extension. 

But tech lagged the move higher, as FAANG stocks stumbled, pressured by Facebook (NASDAQ:FB) as the social media company came under scrutiny for failing to take action on a post from President Donald Trump that appeared to threaten to start shooting looters.

Shares of Apple (NASDAQ:AAPL) were flat after the tech giant cut the prices of its latest iPhones in China ahead of a major online shopping festival on June 18.

Dow Hitches Ride on Energy Sector as Hopes for Extended Production Cuts Boost Oil
 

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Comments (10)
Danny Brasko
ThisIsAmerica Jun 02, 2020 4:38PM ET
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Hopes, Hopes, Hopes.. that seems to be a favorite word for analysts on the current financial markets.
Michael King
Michael King Jun 02, 2020 4:15PM ET
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Same institute thin volume trick to push up the market at the market closing with the minimum cost.The market is now in the over bought area.
Matt Kay
Matt Kay Jun 02, 2020 4:02PM ET
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Printer goes brrrrrrrrrrrrrrr. In few years we will be reading about how mango and the fed destroyed free markets
Bulls MakeMore
Bulls MakeMore Jun 02, 2020 3:59PM ET
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Anyone who is surprised that the market is going up shouldn't ne investing, bc they simply don't know how the stock market works. Educate yourself first before you begin investing.
Etienne Schoen
Etienne Schoen Jun 02, 2020 3:12PM ET
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Please rewrite the title in an honest one: FED sets stocks higher independent of any reason.Thank you in advance.
Vitticus Rising
Vitticus Rising Jun 02, 2020 3:12PM ET
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The whole world is on fire, cities across the world burn. America has what would accurately be anywhere from 50 to 60,000,000 Americans out of work, food shortages both natural and artificial, a pandemic still ongoing, and a president that seems determined to turn this nation against itself………… But the stock markets are doing great. What a freaking joke
Sun Moon
Sun Moon Jun 02, 2020 3:12PM ET
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Completely melodramatic and over-the-top,, and blindly, meaninglessly political. As if Biden, the "White Man Who Decides Who is Really Black or Not", or any Democrat for that matter, would be better.  When it was the people of his party that caused these riots and all the ones before them.  When they look at black people, all they see are VOTES.  They don't see human beings.  And Biden is one of if not THE worst of them all.
Andrew carson
Andrew carson Jun 02, 2020 3:12PM ET
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Obama turned the country against each other. Wake up already.
Bulls MakeMore
Bulls MakeMore Jun 02, 2020 3:12PM ET
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Bingo...Democrats keep the poor dependent on their handouts so they keep voting them into office
Robert DZ the patterns
Robert DZ the patterns Jun 02, 2020 3:08PM ET
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The Fed's pump
Pwr Strk
Pwr Strk Jun 02, 2020 2:58PM ET
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another way of saying the market is going nowhere
Sun Moon
Sun Moon Jun 02, 2020 2:42PM ET
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Investors believe riots increase chances of Trump re-election.
Robert DZ the patterns
Robert DZ the patterns Jun 02, 2020 2:18PM ET
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More hopes, LOL
 
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