Oil Production Cuts Begin | February 1

by Luna Fuller
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Good Evening!

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

Tech

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.

Energy

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

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.

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