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Dow Hits Record High, led by Jump in Energy as Cold Snap Sweeps Across U.S.

Stock MarketsFeb 16, 2021 04:01PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Dow closed at another record high Tuesday, led by a rally in energy stocks following a cold snap across parts of the U.S. and ongoing investor optimism over the economic recovery as Covid-19 infections continue to fall.  

The Dow Jones Industrial Average rose 0.20%, or 62 points, though had gained about 150 points intraday to hit record high of 31,608.63. The S&P 500 was down 0.08%, and had also climbed to record high intraday. The Nasdaq Composite slipped 0.34%. 

Energy stocks jumped more than 2% as a "deep freeze impacting large portions of the country and supply disruptions sent U.S. crude prices settled above $60 a barrel for the first time in more than a year," Stifel said, while natural gas prices jumped 6%.

Occidental Petroleum (NYSE:OXY), Apache (NASDAQ:APA) and Marathon Oil (NYSE:MRO) rallied sharply, with the latter up more than 6%.

Financials were also in favor as bank stocks continued to benefit from the melt up in U.S. government bond yields amid falling Covid-19 infections and a step up in vaccinations. The U.S. Treasury 10-year yield topped 1.300% for the first time since Feb. 27. 

Bank of America (NYSE:BAC) and JPMorgan Chase (NYSE:JPM) climbed more than 2%, while Wells Fargo & Company (NYSE:WFC) gained more than 3%.

Higher interest rates are seen as a boon for banks, boosting net interest margin – the difference between the interest income generated by banks and the amount of interest they paid out.

The growing expectations for a further round of fiscal stimulus that could include $14 billion funding to support the aviation industry boosted airlines, with United Airlines (NASDAQ:UAL) leading the gains, up more than 3%.

Technology, meanwhile, was roughly flat, paced by weakness in Apple (NASDAQ:AAPL).

Alphabet (NASDAQ:GOOGL) jumped to record intraday highs as the stock continued its move higher following stronger-than-expected quarterly results, released earlier this month.  

On the earnings front, Palantir Technologies (NYSE:PLTR) was in focus as the company reported fourth quarter loss that sent its share price down more 13%. The decline, however, comes after shares of business analytics company jumped more than 200% since its October lows.

The mixed day for the US stocks comes as volatility return, with the S&P 500 VIX Futures - a gauge of uncertainty - jumped nearly 7%.

In other news, NVIDIA (NASDAQ:NVDA)'s plans to acquire chipmaker ARM Holdings (LON:ARM) in a $40 billion deal hit a snag as the The Federal Trade Commission is reportedly looking into deal following protests by ARM's licensees including Google, Qualcomm (NASDAQ:QCOM) and Microsoft (NASDAQ:MSFT).

Top S&P 500 Gainers and Losers Today:

Carnival (NYSE:CUK) Corporation (NYSE:CCL), Royal Caribbean Cruises (NYSE:RCL), Cboe Global Markets (NYSE:CBOE) among the top S&P 500 gainers for the session.

NRG Energy (NYSE:NRG), Allegion (NYSE:ALLE), Enphase Energy (NASDAQ:ENPH) were among the worst S&P 500 performers of the session.

Dow Hits Record High, led by Jump in Energy as Cold Snap Sweeps Across U.S.
 

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Comments (3)
Abdul Rehman
Abdul Rehman Feb 16, 2021 11:41PM ET
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Abdul Rehman
Jon Cole
Jon Cole Feb 16, 2021 4:28PM ET
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Get aphria stock asap! It’s the next wave!
Daniel Cruz
Daniel Cruz Feb 16, 2021 4:28PM ET
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what reason?
Casador Del Oso
Casador Del Oso Feb 16, 2021 4:12PM ET
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In summer will we also have a heat wave rally?
la popeye
la popeye Feb 16, 2021 4:12PM ET
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