Dow Rallies on Bullish Bets in Energy, Materials By Investing.com – Investing.com

SourceInvesting.com
SectorFinancial Markets
CountryMiddle east

© Reuters

By Yasin Ebrahim

Investing.com – The Dow jumped Monday, led by energy and materials on signs of an ongoing recovery as the reopening of the economy continues to advance.

The rose 0.88%, or 296 points, the was up 0.49%, and the was down 0.34%.

Energy led the broader market higher, underpinned by rising oil prices as investors renewed bet on a recovery in global demand despite the threat of a slower recovery as Covid-19 cases in India continue to mount.

“Support from the economy’s reopening is being reinforced by aggressive fiscal and monetary stimulus, the release of pent-up demand, and the drawdown of sizable household savings,” Wells Fargo (NYSE:) said in a note.

Halliburton (NYSE:), HollyFrontier (NYSE:) and Baker Hughes (NYSE:) were among the best performing energy stocks on the day, with the latter up 9%.

Baker Hughes rallied after Barclays (LON:) upgraded the stock overweight from equal weight and lifted its price target to...read more...