The DJIA rose 0.79% The S&P 500 added 0.88% The Nasdaq Composite was up 0.95%
Energy stocks led the market today.
General Market Review
Oil prices rose as Saudi Arabia agreed to production cuts of 1 million barrels/day for February and March. This production cut will offset a rise in output from OPEC+. Chevron rose 2% and ExxonMobil was up about 5%.
Boeing added about 4% after Amazon.com reportedly bought used 737-300 planes for the company’s Prime Air program in 2022. Aviation stocks were in the green today, but investors are still wary over further lockdowns and restrictions.
Micron Technology added 2% after Citi upgraded its rating to bullish and increased its price target by $65. Qualcomm was up about 3% due to an announcement of a change in leadership. Cristiano Amon will take over for Steve Mollenkopf as he retires from chief executive. Alibaba added 5% after news that Jack Ma was not missing, but simply staying out of the spotlight.