STOCKS RISE AFTER REPORTS OF AN OPEC DEAL: Here's what you need to know
Advertisement
Thomson Reuters
Advertisement
The energy sector gained 3.9%, the most among the S&P 500's 11 sectors at 2:28 p.m. ET.
First up, the scoreboard:
- Dow: 18,327.33, +99.03, (+0.54%)
- S&P 500: 2,168.66, +8.00, (+0.42%)
- Nasdaq: 5,313.23, +7.54, (+0.14%)
- WTI Crude: $46.87, +$2.20, (+4.90%)
- 1o-year yield: 1.565%, +0.009
- OPEC reportedly reached a deal to limit production, after which oil prices shot through the roof. Reuters reported, citing "sources" that "OPEC had agreed to limit oil production to 32.5 million barrels per day. Once the group reaches its target, OPEC will go to non-OPEC producers for output support, once source said." Prices for Brent crude oil, the international benchmark, surged by as much 6.3% to $49.44 per barrel around 2:33 p.m. ET. Petrocurrencies, including the Russian ruble and the Norwegian krone, rallied.
- Durable goods orders were unchanged in August. Economists had forecast that orders for things designed to last for a long time fell 1.5% during the month, according to Bloomberg.
- Citi tells Disney: please don't buy Twitter. "Any way we slice the data, we just can't get enthusiastic about this potential transaction," wrote Citi's Jason Bazinet and his team in a note on Tuesday.
- The maker of La Croix soft drinks is crashing after a short seller accused it of cooking the books. Glaucus Research, a short-selling researcher, claimed that National Beverage's CEO had admitted to an attorney that he was manipulating the stock price by creating false invoices for the firm.
- The Fed is making a big changes to how it tests America's banks. The Federal Reserve is considering changing the annual stress tests it gives to U.S. banks to see if they can withstand a massive financial crisis, and also using test results to set the capital buffers that banks must maintain to blunt the effects of a downturn, according to its chair, Janet Yellen.
Additionally:
Saudi stocks tanked after the kingdom slashed worked pay.
Advertisement
California just dealt another huge blow to Wells Fargo.
PIMCO: The global economy is now all about the 3 P's.
A big Wall Street CEO just predicted a Trump victory.
Sears could kill hundreds of American shopping malls.
Advertisement
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas