Dow Pumped on Energy, Earnings; Yellen Calls for More Stimulus

© Reuters.

By Yasin Ebrahim – The Dow rose Tuesday on better-than-expected quarterly results and growing optimism that more stimulus is about to hit bank accounts under President-elect Joe Biden’s administration.

The rose 0.57%, or 175 points. The was up 0.94%, and the gained 1.49%.

Goldman Sachs (NYSE:) reported fourth-quarter results that topped Wall Street estimates, but it shares slipped more than 1%. While Bank of America (NYSE:) reported mixed results as revenue missed analysts estimates, the bank announced a $2.9 billion stock buyback program.

Elsewhere in financials, American Express (NYSE:) rose more than 4% after JPMOrgan upgraded the stock to overweight from neutral on expectations for a rebound in consumer spending.

In energy, Halliburton (NYSE:) fell less than 1% despite reporting fourth-quarter earnings of $0.18 and revenue of $3.24 billion that topped analysts estimates.

Still, the broader energy sector remained well supported by rising oil prices on optimism further stimulus from the incoming Biden administration will boost demand.

Former Federal Chairwoman Janet Yellen in her confirmation hearing as Treasury Secretary called on lawmakers in Congress to “act big” and support further stimulus to boost the economic recovery.


On the political front, Senate Majority leader Mitch McConnell said the mob that attacked the U.S. Capitol earlier this month was provoked by President Donald Trump. The comments come ahead of the Senate’s Trump impeachment trial.

Tech, meanwhile, also played a role in the intraday rally as the Fab 5 racked up gains after JPMorgan (NYSE:) told investors in a note that it was time to return to big tech.   

READ  Sanofi's Hudson: 'Our heart beats in France'

Apple (NASDAQ:), Microsoft (NASDAQ:), (NASDAQ:), Facebook (NASDAQ:), Alphabet (NASDAQ:) were higher.

In other news, General Motors (NYSE:) said Microsoft was investing in Cruise, its autonomous vehicle project, sending its shares up 9%. Under the deal, Microsoft would be the preferred cloud provider for Cruise and General Motors.

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.



Please enter your comment!
Please enter your name here