Nevada Opens Bars | February 12

by Luna Fuller
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Good Evening!

The DJIA rose 0.09%
The S&P 500 was up 0.47%
The Nasdaq Composite added 0.50%

Energy and financials led the market.

General Market Review

Energy

The oversupply of oil has caused the IEA forecasts to show Brent, the global benchmark for crude, to fall below $50/ barrel. This forecast is explained by investors not believing that consumer and travel behavior will drastically change. However, oil prices jumped today due to hopes of an economic recovery. Hess and Halliburton Company added 4%.

Financials

Expectations for a stimulus led economic recovery raised US bond yields. Investors are optimistic, yet cautious since yields are lower than prior years. Wells Fargo went up 2%.

Consumer Discretionary

The state of Nevada reported that bars and restaurants could be open to 35% capacity starting on Monday. MGM Resorts was up close to 2%.

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