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
Energy
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%.
Industrials
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.
Tech
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.
