closed the Tuesday trading session mixed in response to the White House's decision to release 50 million barrels of oil from the Strategic Petroleum Reserve in an effort to combat higher energy prices. The Dow Jones Industrial Average closed up 194 points or 0.5%, with Goldman Sachs, Travelers companies, and JP Morgan Chase accounting for more than half of its gains, while the S&P 500 closed up 0.17%. Meanwhile, the Nasdaq slipped 0.5%, falling for the second consecutive day, as rising bond yields weighed on big tech stocks.
Commodities Oil rose 2.3% closing at $78.50 per barrel as traders doubted Biden's move will take prices lower. Big oil rose in tandem.
10-year Treasury yield jumped to a one-month high of 1.67%.
Markit manufacturing PMI came in slightly ahead of estimates at 59.1, but the services PMI missed estimates by two points with a reading of 57. Any reading above 50 indicates an expanding sector.
Europe, the bourses had a positive run, nudging higher with the German DAX 30 rising by 0.09% to 15,948.43, France's CAC 40 rallied 0.41% to 7,073.65 while Britain’s FTSE 100 slipped 0.46% to close at 7,300.2. The region is still battling with energy crisis and a surging Covid infection rate.
Asian bourses were mixed with China’s Shanghai Composite index climbing 0.1% to 3,592.7, Hong Kong’s Hang Seng index added 0.14% to 24,685.5 while Japan’s Nikkei 225 slipped by 1.58% to 29,302.65
