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Jose Emenis
Jul 14, 2020 9:35PM ET
NIO is headed for $100 per share...
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Dow Racks Up Gains as Energy Rallies, Tech Rebounds
© Reuters.
By Yasin Ebrahim
Investing.com – Wall Street ended strongly Tuesday as a rebound in tech and the start of earnings season overshadowed rising Covid cases.
The Dow Jones Industrial Average added 2.13%, the S&P 500 gained 1.34%, while the Nasdaq Composite added 0.94%.
Tech turned positive as Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL) and Facebook (NASDAQ:FB) eased from the lows of the day.
The rebound in tech arrived even as cases continued to rise, though there was reason for optimism in California were cases rose by 7,346, compared with an 8,358 increase a day earlier, stoking investor hopes that infections in the state could be flattening. California had announced a day earlier that it would be shutting down all indoor activity, leading to sell-off across stocks on Monday.
Coronavirus cases nationwide totaled 3.43 million, with 138,000 dead so far.
Investor attention was also fixed on the start of earnings season.
Financials ended slightly higher following mixed earnings from banks as JPMorgan and Citigroup beat consensus estimates thanks to strong trading revenue, while Wells Fargo cut its dividend by 80% and reported its first-quarter loss in more than a decade.
JPMorgan (NYSE:JPM) ended up 0.56%, while Citigroup (NYSE:C) was down 3.93%, and Wells Fargo (NYSE:WFC) fell 4.55%.
The quarterly results provided investors with further insight into the impact from the pandemic on lending activity, as the trio of banks collectively socked away nearly $28 billion to fortify themselves for a potential wave of bad loans.
Delta Air Lines (NYSE:DAL) fell 2.61% after reporting a wider than expected loss and warning that it would be more than two years before the company sees a sustainable recovery.
Energy was the biggest gainer on the day, as oil prices remained steady despite ongoing concerns about the strength of the recovery in crude demand.
"There is a lot of concern that if more states begin to shut back down over Covid concerns, that could affect gasoline demand and thus the demand for ethanol," said Tomm Pfitzenmaier of Summit Commodity Brokerage.
Tesla (NASDAQ:TSLA), up 1.3%, held onto slim gains after Piper Sandler (NYSE:PIPR) lifted its price on the stock to a Street high of $2,322 citing the electric automaker's first-mover advantage.
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Comments (8)
New Jazenevd
Jul 14, 2020 8:01PM ET
Oil demand can only go up from this point.
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Billy Roriz
Jul 14, 2020 8:01PM ET
This is how bull traps are formed
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Viraj Savardekar
Jul 14, 2020 7:49PM ET
Big techs ( apple , microsoft , amazon , tesla , facebook) are set for big drop and dow jones and other sectors are rising
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FXT67
Jul 14, 2020 7:49PM ET
This is more like a funny joke
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Aryeh Sendler
Jul 14, 2020 7:33PM ET
go Tesla!!
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Jin News
Jul 14, 2020 7:07PM ET
That's more like it... bulls are back!
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TrickyDick
Jul 14, 2020 5:21PM ET
They should make the headlines more reflective of reality, which is "Markets surge after sell-off looks imminent and Fed butts in with promise of more taxpayer money to maintain mirage of prosperity"
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Plopseven Schwartz
Jul 14, 2020 5:21PM ET
At this point, the US Dollar Index is an inverse ETF of the major indexes. People buying into the markets now are dooming the dollar to collapse.
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TrickyDick
Jul 14, 2020 5:21PM ET
Plopseven Schwartz Yesssirreee!
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Zachary Choy
Jul 14, 2020 5:21PM ET
So true man
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Chris Cally Muhawe
Jul 14, 2020 4:52PM ET
JPM is on skyrocket
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Rob Omes
Jul 14, 2020 4:23PM ET
Piper Sandler is also supporting a PE of +400. Where will this end
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Odum Francis
Jul 14, 2020 4:23PM ET
Go and read the repor closely... Piper price target towards Tesla in 2023. They mean go long, don't be hung on short-term
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