The DJIA rose 0.76% The S&P 500 was up 1.57% The Nasdaq Composite added 2.55%
Tech and energy led the market today. After the rise in volatility last week, investors are focusing on quarterly reports.
General Market Review
Apple was up over 1% after they released their plan to take advantage of cheap borrowing rates and sell $14 billion bonds in six parts. Apple aims to return more cash to shareholders. Amazon.com and Alphabet gained 4% and 3%, respectively, in hopes of positive earnings later this week. Tesla added 6% after analysts raised their price target from $515 to $1200.
Although oil consumption in the US is prepared to fall due to large snowstorms in the Northeast, oil prices still rose today because of OPEC+’s production cut pledge. Saudi Arabia began cutting production by 1 million barrels a day.
Stimulus talks continue as a group of 10 Republican senators proposed a smaller $600 billion stimulus package to Biden. This plan would lower stimulus checks to $1000 from the earlier proposal of $1400 with stricter eligibility.