August 15, 2022

Tricia Oak

Business & Finance Excellency

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. 

https://www.foxbusiness.com/markets/stocks-set-bounce-oil-hits-7-year-high