Oil, bank stocks send S&P, Dow to record highs

Oil, bank stocks send S&P, Dow to record highs

Gains in energy and bank stocks lifted the Dow and the S&P 500 to record intraday highs on Wednesday, but losses in technology stocks dragged down the Nasdaq, Reuters reported.

Oil prices surged 8 percent after Kuwait's oil minister said the OPEC had agreed to cut production to 32.5 million barrels per day. [O/R]

The S&P 500 energy sector soared as much as 5.3 percent to a 17-month high, boosted by gains in Exxon and Chevron. Energy-related stocks were the top 20 percentage gainers on the S&P 500 index.

"I suspect this move in oil is probably temporary and may not last very long, but it is giving a boost to the market," said Randy Frederick, vice president of trading and derivatives at Charles Schwab.

November is set to be Wall Street's best month since March, with the markets rallying on Donald Trump's victory in the U.S. presidential election.

Investors expect the market to benefit from Trump's policies, including higher spending on infrastructure and simpler regulations in the healthcare and banking industries.

Steven Mnuchin, Trump's pick for Treasury secretary, told CNBC that tax reforms and trade pact overhauls would be top priorities of the new administration.

U.S. private employers stepped up hiring in November and consumer spending increased last month, the latest signs of economic strength that could further cement the case for an interest rate hike.

Traders have currently priced in an 89 percent chance of the Fed raising rates at its meeting next month, according to Thomson Reuters data. A crucial monthly hiring report on Friday is likely to play a big role in the central bank's deliberations.

The financial index rose 1.2 percent, while bond-proxy sectors such as utilities and real estate were on a sell-off mode.

Fed Presidents Robert Kaplan and Loretta Mester, speaking at separate events, appeared hawkish on rates.

"Since the election, interest rate prospects in the market have been moving up, and all the economic numbers we got today were good," Frederick said.

At 12:41 p.m. ET the Dow Jones industrial average was up 68.55 points, or 0.36 percent, at 19,190.15. It hit an all-time high of 19,225.29.

The S&P 500 was up 2.03 points, or 0.09 percent, at 2,206.69 after hitting a record of 2,214.10.

The Nasdaq Composite was down 36.32 points, or 0.68 percent, at 5,343.60, weighed down by Apple and Amazon.com.

GoPro rose 3.3 percent after the wearable camera maker said it would cut 15 percent of its workforce and shut its entertainment business.

Teen apparel retailer American Eagle Outfitters dropped 13.5 percent to $16.35 after providing a disappointing profit forecast for the crucial holiday quarter.

Declining issues outnumbered advancers on the NYSE by 1,643 to 1,262. On the Nasdaq, 1,651 issues fell and 1,101 advanced.

The S&P 500 index showed 57 new 52-week highs and one new lows, while the Nasdaq recorded 152 new highs and 33 new lows.

Subscribe to Trend in Google News! Subscribe
USAID to provide additional funds for Kazakhstan to fight COVID-19
USAID to provide additional funds for Kazakhstan to fight COVID-19
Kazakhstan imposes export restrictions for some timber types
Kazakhstan imposes export restrictions for some timber types
Kazakhstan sees increase in number of open trading accounts
Kazakhstan sees increase in number of open trading accounts
Loading Bars
Latest
U.S. remains prepared to engage with DPRK after missile test: White House
UK foreign minister to visit Saudi Arabia, Qatar
Israel detects 1st case of COVID-19 Delta variant "AY4.2"
Bomb threat issued in Washington DC
U.S. secretary of homeland security tests positive for COVID-19 after full vaccination
North Korea confirms it launched SLBM
Israel says Abu Dhabi crown prince invites Israeli PM for 1st official visit
Volkswagen executive sees global chip shortage running well into 2022
Azerbaijani Foreign Ministry makes Twitter post in connection with anniversary of liberation from occupation of Zangilan (PHOTO)
Chronicles of Victory: President Ilham Aliyev addresses the nation due to liberation of Zangilan on October 20, 2020 (PHOTO/VIDEO)
Chronicles of Victory: October 20, 2020
U.S. workers face layoffs as U.S COVID-19 vaccine mandates kick in
21 passengers escape plane safely after crash in Texas, officials say
Facebook to pay up to $14.25 mln to settle U.S. employment discrimination claims
Azerbaijan discloses names of returned Armenian servicemen
Uzbekistan exports $625 million worth of fruits and vegetables in 9 months
UK records highest daily COVID death toll since early March
Ukrainian Bees Airline plans to launch Odessa-Tbilisi-Odessa flights starting October 22
Iranian official dismisses 'tensions' at Astara customs, says activity with Azerbaijan soars
Turkmenistan starts rice harvest in Dashoguz region
Azerbaijan supports all int’l efforts to ensure transparency in extractive industries – minister
Refining activity of Iran's Fajr Jam Gas Refining Company soars
Iran’s Persian Gulf Petrochemical Industries Corporation sets new record
Azerbaijan's defense minister visits newly established commando military unit (PHOTO/VIDEO)
Iran’s PMO declares data on load/unload operations in Jask Port
Iran intends to increase exports through Astara
Turkey reveals cargo traffic via its ports from Portugal for 8M2021
Exports of Iran to Kyrgyzstan booming
President Ilham Aliyev receives Croatia's Minister of Foreign and European Affairs (VIDEO)
Iran's Energy Exchange announces products to be on sale on October 20
President Ilham Aliyev expresses condolences to President Recep Tayyip Erdogan
Iran’s Bahar Azadi gold coin price rebounds
Azerbaijan transfers captured Armenian servicemen back to Armenia
Uzbekistan plans to exempt import and sale of meat products from VAT
Turkey shares data on maritime cargo shipment with Russia for 8M2021
Azerbaijan shares data on oil transported via BTC pipeline in 9M2021
USAID to provide additional funds for Kazakhstan to fight COVID-19
Turkey announces data on cargo traffic with Italy for 8M2021
Kazakhstan imposes export restrictions for some timber types
Azerbaijan names locations of future national parks in liberated territories
Azerbaijan demands certain steps from Armenia at UN International Court of Justice
Iran’s 9M2021 Turkish cement imports up
Iran to host meeting on economic co-op with Turkmenistan
Georgian foreign trade turnover increases
Iran increases petrochemicals production
Kazakhstan sees increase in number of open trading accounts
​Iran allocates more funds for oil and gas projects in Ilam Province
Turkey unveils data on cargo traffic via its ports from Spain
Georgia's domestic export up in 9M2021
Value of Turkish cement exports to Georgia for 8M2021 down
Turkey shares data on cargo traffic with Greece for 8M2021
Turkey reveals cargo volume handled from Egypt in 8M2021
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 2,102 more COVID-19 cases, 863 recoveries
Cargo traffic on Azerbaijan's section of TRACECA for 8M2021 revealed
IMF lowers breakeven oil price level for Azerbaijan
Saudi index hits 15-year peak as most Gulf bourses gain
Israel's Bank Mizrahi Tefahot to issue $1.1 bln of CPI-linked bonds
Iran seeks to complete semi-finished project related to Lake Urmia's revitalization
Iran imports trucks to renovate transportation fleet
IMF revises up forecasts for Azerbaijan’s non-oil GDP growth
Iran`s domestic appliances production increases
IMF reveals forecast for Azerbaijan’s annual inflation
Iran's imports from neighboring countries up
Turkey discloses volume of cargo shipment via its ports from Singapore for 8M2021
Hungarian companies to attend Rebuild Karabakh EXPO
Azerbaijan raises gas exports via BTE pipeline
IMF predicts growth for Azerbaijan's GDP
Azerbaijani ministry denies rumors about full transition of schools to online lessons
Slovakia interested in deepening relations with Azerbaijan - FM
Turkey reveals cargo traffic with Morocco for 8M2021
Data on cargo shipping between Turkey and Algeria for 8M2021 revealed
Turkey shares data on cargo traffic with Israel for 8M2021
TAP partially stems increase in gas prices – managing director
Iran to sell oil through private sector
Iran started exploration of mining sites in South Khorasan Province
Minister talks preferential loans issued in Azerbaijan since early 2021
Bakcell will be ready to implement eSIM project in Azerbaijan
Iran reveals COVID-19 data for October 19
Iran's steel production increases
Iran eyes to boost domestic production in mining, industrial and commercial sectors
AccessBank eyes increasing loan portfolio mainly in segment of micro, agricultural entrepreneurs - Acting Chairman of Board (Interview)
National bank of Georgia shares data on payment cards issuance
Average mobile internet download speed continues to grow in Azerbaijan - Ookla
Galt & Taggart publishes overview of Georgia's economic growth
USAID selecting Turkmen business projects for co-financing
Eni Turkmenistan Ltd opens tender for supply of wellhead equipment
Azerbaijan exported most of its oil to Italy in 9M2021 - State Customs Committee
Iran ready to attract investment in renewable energy sector - minister
Azerbaijan - supporter of normalization of relations with Armenia, says FM
Azerbaijan, Slovakia eye signing agreement on economic co-op
Slovakia to supply Azerbaijan with de-mining machines in near future
Azerbaijan denies rumors about impeding exports from Iran to Russia
Iran Standards and Quality Inspection Agency releases car quality report
Iran to complete railway transit corridors - RAI
Baku Expo Center to soon open 'Rebuild Karabakh' exhibition
Joint press conference of Azerbaijani and Slovak FMs held in Baku (PHOTO/VIDEO)
VTB Bank in Georgia to back up creation of Nuclear Medicine and Diagnostic Center
Uzbekistan to produce its first electric cars
Turkey's steel export to Uzbekistan surges in value for 9M2021
All news