Dow Rallies on Bullish Bets in Energy, Materials

SourceInvesting.com
SectorFinancial Markets
CountryGulf

© Reuters

By Yasin Ebrahim

Investing.com – The S&P 500 climbed Monday, led by energy and materials on signs of an ongoing recovery as the reopening of the economy continues to advance.

The rose 0.82, or 279 points, the was up 0.35%, and the was down 0.47%.

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 8%.

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