Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Stocks climb, Dow touches record; U.S. oil rises after EIA data

EconomyOct 20, 2021 16:00
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: A man wearing a protective face mask walks past a screen displaying a graph showing recent Nikkei share average outside a brokerage, amid the coronavirus disease (COVID-19) outbreak, in Tokyo, Japan November 2, 2020. REUTERS/Issei Kato 2/2

By Caroline Valetkevitch

NEW YORK (Reuters) - Stock indexes mostly rose worldwide on Wednesday, with the Dow Jones Industrial Average touching a record intraday high, as more companies reported earnings that beat analysts' expectations, while oil prices jumped.

Boosting oil was data showing crude inventories at the largest U.S. storage site hit their lowest level in three years.

In cryptocurrencies, bitcoin touched a record high, a day after the first U.S. bitcoin futures-based exchange-traded fund began trading.

The corporate earnings season will be in full swing in many countries over the coming weeks.

Verizon Communications Inc (NYSE:VZ) gained 2.3% as it added more postpaid phone subscribers than expected in the third quarter. Tesla is among companies that will release results later on Wednesday.

"We had our dip two weeks ago, and we're buying the dip. So here we are back at all-time highs and now you've got sentiment almost flipped 180 degrees," said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.

Investors are still on high alert for corporate comments on the impact of supply constraints, higher costs and labor shortages. They will also be glued to earnings from the heavily weighted U.S. technology names.

The Dow Jones Industrial Average rose 131.85 points, or 0.37%, to 35,589.16, the S&P 500 gained 14.27 points, or 0.32%, at 4,533.9 and the Nasdaq Composite dropped 12.38 points, or 0.08%, to 15,116.72.

The pan-European STOXX 600 index rose 0.32% and MSCI's gauge of stocks across the globe gained 0.38%.

In the U.S. Treasury market, long-dated yields rose after a weak auction of 20-year notes.

U.S. 20-year yields rose to one-week highs of 2.1%, and were last up 2 basis points at 2.0873%. U.S 30-year yields also touched one-week peaks of 2.1210% and were last up 3 basis points at 2.1163%.

Investors are trying to gauge the outlook for interest rates. They expect the U.S. Federal Reserve to announce tapering of its bond buying, and money markets futures are pricing in one U.S. rate hike later next year.

The greenback hit a one-year high against a basket of other currencies last week as market participants ramped up bets that the Fed will raise rates sooner than expected to quell rising price pressures.

Those bets have faded, however, while investors are pricing for even more aggressive rate increases in other countries and as commodity-linked currencies including the Canadian and Australian dollars outperform.

The dollar index was last down 0.2% at 93.57.

In energy, Brent crude futures settled at $85.82 a barrel, a gain of 0.9% or 74 cents, and the highest since October 2018. November U.S. West Texas Intermediate (WTI) crude, which expires on Wednesday, settled at $83.87, up 91 cents, or 1.1%. The more active WTI contract for December settled up 98 cents to $83.42 a barrel.

Earlier, U.S. crude stocks fell by 431,000 barrels in the most recent week, the U.S. Energy Information Administration said, against expectations for an increase, and gasoline stocks plunged by more than 5 million barrels as refiners cut processing due to maintenance.

U.S. gold futures gained 0.90% to $1,784.10 an ounce.

Stocks climb, Dow touches record; U.S. oil rises after EIA data
 

Related Articles

U.S. FTC sues to block Nvidia deal to buy Arm
U.S. FTC sues to block Nvidia deal to buy Arm By Reuters - Dec 02, 2021

By Stephen Nellis and David Shepardson SAN FRANCISCO/WASHINGTON (Reuters) -The U.S. Federal Trade Commission on Thursday sued to block U.S. chip company Nvidia Corp's more than...

U.S. Dollar, shares rise as Omicron fears subside
U.S. Dollar, shares rise as Omicron fears subside By Reuters - Dec 02, 2021

By Herbert Lash NEW YORK (Reuters) - A gauge of global equities surged on Thursday as Wall Street rallied on hopes the Omicron COVID-19 variant will prove mild and will not halt a...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email