The stock market today saw the Dow, S&P 500 and Nasdaq move higher as oil prices eased, with the Dow at 51,828.62 (up 0.93%), the S&P 500 at 7,743.41 (up 0.51%) and the Nasdaq at 27,068.72 (up 0.48%), according to market data reported by CNN.
Traders cited a retreat in crude as one of the forces supporting equities; news reports said Brent crude fell 2.8% to $97.44 a barrel, easing pressure that had weighed on energy and broader markets.
Technology stocks helped lead the advance after oil-related risk receded, a trend Reuters highlighted when markets climbed on a dip in crude prices and softer Treasury yields.
U.S. futures and daily flows suggested the move was not limited to one sector: investors rotated back into cyclical and tech names as sentiment improved from the spike in energy costs earlier in the month.
Economists and market strategists in recent coverage have said that falling oil reduces inflation pressure and can ease input-cost concerns for companies, giving markets room to climb when other headwinds hold steady.
What to watch next: market coverage notes traders will keep watching oil moves, Treasury yields and corporate earnings for confirmation that the rally can extend into coming sessions.
Sources
- CNN — provided the market index levels and daily percentage moves cited in the lead.
- Washington Post — reported Brent crude fell 2.8% to $97.44 a barrel and described the easing in oil prices.
- Reuters — described how easing oil prices and softer yields were helping tech-led gains and broader market advances.
- CNBC — provided market commentary on sector rotation after oil eased.
