Dow Climbs Rides Energy, Financials Ahead of Fed; Snowflake Soars on Debut

Dow Climbs Rides Energy, Financials Ahead of Fed; Snowflake Soars on Debut

Investing.com  | Sep 16, 2020 18:12

Dow Climbs Rides Energy, Financials Ahead of Fed; Snowflake Soars on Debut

By Yasin Ebrahim

Investing.com – The Dow racked up gains on Wednesday, led by a surge in energy and financials as optimism that the Federal Reserve will reiterate its plans to keep monetary loose offset data pointing to a slowdown in consumer spending.

The Dow Jones Industrial Average rose 0.73%, or 204 points. The S&P 500 was up 0.24%, while the Nasdaq Composite fell 0.26%.

Energy surged nearly 4% as U.S. oil prices rallied after crude inventories fell by 4.4 million barrels last week, confounding expectations for a build of 1.27 million barrels.

EOG Resources (NYSE:EOG), TechnipFMC (NYSE:FTI) and Diamondback Energy (NASDAQ:FANG) were among the biggest gainers, with the latter rising more than 7%.

Financials also climbed higher even as Treasury yields stuttered on expectations the Fed will keep rates unchanged and back a lower-for-longer interest rate environment.

Citigroup (NYSE:C) and Goldman Sachs (NYSE:GS) were up more than 2%, while JPMorgan Chase & Co (NYSE:JPM) added more than 1%.

Tech, meanwhile, took a breather following its strong start to the week, with Apple (NASDAQ:AAPL) falling nearly 2% after unveiling new iPads and Apple watches and a new bundled subscription service as well as a personalized workout service.

Microsoft (NASDAQ:MSFT), Facebook (NASDAQ:FB), Amazon.com (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL) were also lower.

Signs of softer retail sales raised concerns about the economic recovery at a time when the prospect of further fiscal stimulus appears murky at best.

U.S. retail sales rose less than forecast in August, up 0.6% after a downwardly revised 0.9% increase the prior month, The Commerce Department said. The increase for August had been expected at 1%.

“August retail sales data, along with downward revisions to July data, show a clear slowdown in consumer demand over the summer months,” Jefferies (NYSE:JEF) said. “The combination of fading fiscal support and lack of pentup demand clearly contributed to the summer slowdown.”

In other news, Snowflake (NYSE:SNOW) made its debut at $245, more than double its initial public offering at $120 a share.           

Related News

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Discussion
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (India) English (Canada) English (Australia) English (South Africa) English (Philippines) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 简体中文 繁體中文 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes

+

Download the Investing.com App

Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.

Investing.com is better on the App!

More content, faster quotes and charts, and a smoother experience is available only on the App.

';