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S&P 500 Climbs as Energy Powers Ahead

Stock MarketsSep 15, 2021 03:47PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 climbed Wednesday, as a rally in energy and industrials helped the broader market recover some of its recent losses.  

The S&P 500 rose 1.0%, the Dow Jones Industrial Average gained 0.8%, or 280 points, the Nasdaq climbed 0.9%.

Energy rallied more than 3% as data showing a larger-than-expected draw in weekly U.S. crude inventories eased investor fears about the virus impact on energy.

Crude oil inventories fell by 6.4 million barrels last week, compared with analysts' expectations for a draw of 3.5 million barrels.

The sharp jump in oil prices comes just days after the OPEC+ increased production by 400,000 barrels per day.

Cabot Oil & Gas (NYSE:COG), Occidental Petroleum (NYSE:OXY), and EOG Resources (NYSE:EOG) were among the top gainers, with the latter up more than 8%.

Megacap tech stocks were mostly higher, despite rising Treasury yields, the enemy of growth stocks. 

Google-parent Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL), and Amazon (NASDAQ:AMZN) were higher. Facebook (NASDAQ:FB) proved an exception to the broader market climb.  

Microsoft (NASDAQ:MSFT) was the standout performer, up more than 1%, after hiking its dividend and announcing the $60 billion stock buyback program.

Casino stocks were on the backfoot on reports China is looking to strengthen regulatory oversight in the Asian gambling mecca of Macau.

Melco Resorts & Entertainment (NASDAQ:MLCO) slumped 16%, Wynn Resorts (NASDAQ:WYNN) fell 8%, and Las Vegas Sands (NYSE:LVS) was down about 2%.

On the economic front, investors digested mixed economic data as manufacturing activity fell short of expectations, while industrial production was in-line with economists forecasts.

“Demand is very high for a variety of goods in short supply, but manufacturers cannot keep up with demand due to a shortage of materials,” Jefferies (NYSE:JEF) said in a note.

The move higher in the broader market comes as investors eye progress on President Joe Biden’s infrastructure spending plan.

Biden is expected to meet with holdout Democratic Senators Joe Manchin and Krysten Sinema at the White House on Wednesday. Both Manchin and Senema favor trimming the proposed $3.5 trillion budget plan.

In other news, Yum China (NYSE:YUMC) slumped 6% after warning that the impact of delta variant could hurt its third-quarter profits by 50% to 60%.

S&P 500 Climbs as Energy Powers Ahead
 

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Comments (3)
Jouni Matero
Jouni Sep 15, 2021 3:54PM ET
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Ponzi schemers use any excuse for market rallies and try to keep up smoke curtain, unfortunately a lot of clueless small investors fall for this and they will lose every dime.
Mitchel Pioneer
Mitchel Pioneer Sep 15, 2021 3:23PM ET
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Another routine day in the US Ponzi Scheme, greatest financial fraud in history, and biggest investment JOKE in the world.
jemin An
jemin An Sep 15, 2021 2:26PM ET
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Energy rally means STAGFLATION itself not a economy recovery. US Wall street is cheating to traders.
 
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