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Dow Racks Up Gains as Energy Rallies, Tech Rebounds

Stock MarketsJul 14, 2020 04:38PM ET
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© 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.

Dow Racks Up Gains as Energy Rallies, Tech Rebounds
 

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Comments (8)
Jose Emenis
Jose Emenis Jul 14, 2020 9:35PM ET
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NIO is headed for $100 per share...
New Jazenevd
New Jazenevd Jul 14, 2020 8:01PM ET
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Oil demand can only go up from this point.
Billy Roriz
Billy Roriz Jul 14, 2020 8:01PM ET
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This is how bull traps are formed
Viraj Savardekar
Viraj Savardekar Jul 14, 2020 7:49PM ET
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Big techs ( apple , microsoft , amazon , tesla , facebook) are set for big drop and dow jones and other sectors are rising
Peyman Rostami
FXT67 Jul 14, 2020 7:49PM ET
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This is more like a funny joke
Aryeh Sendler
Aryeh Sendler Jul 14, 2020 7:33PM ET
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go Tesla!!
Jin News
Jin News Jul 14, 2020 7:07PM ET
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That's more like it... bulls are back!
Tricky Dick
TrickyDick Jul 14, 2020 5:21PM ET
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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"
Plopseven Schwartz
Plopseven Schwartz Jul 14, 2020 5:21PM ET
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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.
Tricky Dick
TrickyDick Jul 14, 2020 5:21PM ET
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Plopseven Schwartz  Yesssirreee!
Zachary Choy
Zachary Choy Jul 14, 2020 5:21PM ET
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So true man
Chris Cally Muhawe
Chris Cally Muhawe Jul 14, 2020 4:52PM ET
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JPM is on skyrocket
Rob Omes
Rob Omes Jul 14, 2020 4:23PM ET
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Piper Sandler is also supporting a PE of +400. Where will this end
Odum Francis
Odum Francis Jul 14, 2020 4:23PM ET
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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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