Stocks bounce back as oil hits 7-year high

U.S. stocks rallied Tuesday as the major averages recouped most of their prior day’s losses.  

The Dow Jones Industrial Average jumped 313 points, or 0.92%, while the S&P 500 index and the Nasdaq Composite index advanced 1.05% and 1.25%, respectively. The gains came a day after the Nasdaq plunged more than 2%, extending the decline off its Sept. 3 high to 7.3% while closing at its lowest level since June 23. All three of the major indexes finished just below their closing levels from Friday. 

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	34746.25	-8.69	-0.03%
SP500	S&P 500	4391.34	-8.42	-0.19%
I:COMP	NASDAQ COMPOSITE INDEX	14579.537317	-74.48	-0.51%

In stocks, energy-related names, including Exxon Mobil Corp., Haliburton Co. and Kinder Morgan Inc., gained as West Texas Intermediate crude oil hit a seven-year high, up $1.31 at $78.93 a barrel. 

Ticker	Security	Last	Change	Change %
XOM	EXXON MOBIL CORP.	62.18	+1.52	+2.51%
HAL	HALLIBURTON CO.	23.94	+0.56	+2.40%
KMI	KINDER MORGAN, INC.	17.47	+0.53	+3.13%

Facebook Inc. was in focus after a whistleblower testified on Capitol Hill about the harmful effects of its platform a day after the social media site and its Instagram and WhatsApp services were knocked offline for several hours. 

Ticker	Security	Last	Change	Change %
FB	FACEBOOK, INC.	330.05	+0.83	+0.25%

Johnson & Johnson filed with the U.S. Food and Drug Administration for emergency-use authorization of a booster shot of its COVID-19 vaccine for people 18 years and older. 

Ticker	Security	Last	Change	Change %
JNJ	JOHNSON & JOHNSON	160.93	-0.41	-0.25%

Lordstown Motors Corp. was downgraded at Morgan Stanley from “hold” to “sell” and given a $2 price target amid concerns over the planned sale of the company’s Ohio plant for $230 million, or less than 20% of its value. 

Ticker	Security	Last	Change	Change %
RIDE	LORDSTOWN MOTORS	4.89	-0.15	-2.98%

In deals, Qualcomm Inc. and investment firm SSW Partners agreed to buy Swedish automotive technology group Veoneer for $4.5 billion, an 18.4% premium to a bid made in July by Canadian mobility technology company Magna.

Ticker	Security	Last	Change	Change %
QCOM	QUALCOMM, INC.	126.55	-1.29	-1.01%

Overseas markets were mostly higher. 

European bourses rallied across the board with Germany’s DAX 30 advancing 1.05%, Britain’s FTSE 100 adding 0.94% and France’s CAC 40 climbing 1.52%. 

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In Asia, Hong Kong’s Hang Seng index edged up 0.28% while Japan’s Nikkei 225 tumbled 2.19%. China’s Shanghai Composite was closed for holiday.