• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Wall Street rallies on crude price jump, economic data

September 15, 2021 by David Barret Leave a Comment

September 15, 2021

By Stephen Culp

NEW YORK (Reuters) – U.S. stocks ended higher on Wednesday as surging crude prices boosted energy shares and a swath of positive U.S. data suggested inflation has crested and the economic recovery remains robust, prompting a broad rally.

All three major U.S. stock indexes gathered strength, with economically sensitive cyclicals, smallcaps and transportation stocks leading the charge.

While value stocks initially held the advantage, the risk-on sentiment gained momentum through the afternoon, broadening to include growth stocks.

“Today is the first time in a while when both growth and value stocks are doing pretty well. It’s been either or for much of the last few weeks and today it’s both,” said Chuck Carlson, chief executive of Horizon Investment Services in Hammond, Indiana. “Breadth matters, and that’s something investors like to see.”

A host of economic data showed hints of waning inflation and an ongoing return to economic normalcy, even as supply constraints, complicated by hurricane Ida, hindered factory output.

Import prices posted their first monthly decline since October 2020, in the latest sign that the wave of price spikes has crested, further supporting the Federal Reserve’s position that current inflationary pressures are transitory.

Next week, the Federal Open Markets Committee’s two-day monetary policy meeting will be closely parsed for signals as to when the central bank will begin to taper its asset purchases.

The graphic below shows major indicators against the Fed’s average annual 2% inflation target.

Unofficially, the Dow Jones Industrial Average rose 243.93 points, or 0.71%, to 34,821.5, the S&P 500 gained 38.19 points, or 0.86%, to 4,481.24 and the Nasdaq Composite added 125.96 points, or 0.84%, to 15,163.72.

Among the 11 major sectors of the S&P 500, energy was by far the best performer, benefiting from a jump in crude prices driven by a drawdown in U.S. stocks.

U.S.-listed Chinese stocks extended recent losses, as weak retail sales data pointed to a possible economic slowdown in the mainland, while Beijing’s regulatory overhaul of Macau’s casino industry further dampened appetite for Chinese stocks.

This follows a series of regulatory moves by China against major technology firms, which has wiped out billions in market value this year.

“It would be tough to buy any Chinese stocks,” Carlson said. “From an investor standpoint you don’t know what sector is next.”

“I don’t think the situation is going to get better any time soon and it’s probably going to spread,” he added.

U.S.-based casino operators Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International closed lower.

Apple Inc reversed its decline over recent sessions following an adverse court ruling on its business practices, and a lukewarm response to its event on Tuesday where it unveiled updates to its iPhone and other gadgets.

Lending platform GreenSky Inc surged after Goldman Sachs Group Inc said it would buy the company in an all-stock deal valued at $2.24 billion.

(Reporting by Stephen Culp; additional reporting by Ambar Warrick and Sruthi Shankar in Bengaluru; Editing by Richard Chang)

Source Link Wall Street rallies on crude price jump, economic data

David Barret
David Barret

Related posts:

  1. Social network Peanut expands to include more women with launch of Peanut Menopause
  2. Hulu is raising the price on its on-demand plans by $1 starting Oct. 8
  3. As its rivers shrink, Iraq thirsts for regional cooperation
  4. Soccer – Damsgaard shines as Denmark hammer Israel 5-0

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • “The Most Important Unsolved Problem In Pure Math”: Where Is Humanity At With Prime Numbers?
  • The “Great Halloween Solar Storms”: 22 Years Ago, One Of The Most Powerful CMEs Ever Hit Earth
  • IFLScience Investigates The Loch Ness Monster: A Documentary On The Science, The Story, And The Power Of Belief
  • Remarkably Preserved 23-Million-Year-Old “Frosty” Rhino Discovered In Canadian Arctic
  • Want To “Time Travel” Back To Your Childhood? Baby Filter Image Illusion Could Unlock Lost Memories
  • The Sun Is Giving Us A Spooky Grimace Just In Time For Halloween
  • Comet 3I/ATLAS Reaches Perihelion Today – “Alien Spaceship” Hypothesis To Be Tested Once And For All
  • Search For Shackleton’s “Lost” Ship Uncovered 1,000 Dimples On The Antarctic Seafloor – What Are They?
  • Your Banana Smoothie Might Be Kind Of Self-Defeating, Health-Wise
  • What Are Those Zigzags You See In Spiders’ Webs? Study Finds They Could Be A Kind Of Alarm System
  • The Deepest Fish Ever Filmed Was Found 8,336 Meters Below The Surface In A Vast Ocean Trench
  • Supersonic Flight Without The Boom: NASA’s X-59 Experimental Aircraft Takes Flight For First Time
  • The Oldest Ice Ever Recovered Contains Antarctic Air Bubbles From 6 Million Years Ago
  • Freaky “Frankenstein” Worms Can Get Reproduction Wrong And End Up With Two Heads
  • Hedgehog, Lasagna, and Brussels Sprouts: Meet 2025’s Newly Named North Atlantic Right Whales
  • Can You Be Allergic To Other People? Yes, And It Sounds Like The Worst Thing Ever
  • Animals With “Urban Superpowers” Lurk In London’s Underground, And Some Of Them Want To Drink Your Blood
  • This Is The Largest Radio Color Image Of The Milky Way Ever Assembled – And It’s Gorgeous
  • Why We Can’t Stop Watching True Crime: The Psychological Pull And The Ethical Push
  • “Silent, Ongoing Genocide”: World’s 196 Uncontacted Tribes Are Facing Grave Threats To Their Survival
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version