The DJIA rose 1.40% The S&P 500 was up 1.10% The Nasdaq Composite rose 0%
Energy led the market.
General Market Review
Crude inventories for last week increased by 1.28 million barrels. This compares to expectations of a draw of 5.19 million barrels. This build in stockpiles has increased investor sentiment on oil demand in hopes of a stronger economic recovery. Occidental Petroleum and Marathon Oil were up 8% and 5%, respectively.
Hopes of an economic recovery have increased expectations on travel demand. The airline industry saw gains with American Airlines up about 6%.
After fears of rising inflation, many tech stocks were in the red. Ark Investment Manager, Cathie Wood, reported that she bought $120 million shares in Tesla, causing the stock to rise close to 6%.