Dow climbs 200 points as investors await Georgia run-off election results
stocksrose on Tuesday as investors awaited the results of the key Georgia Senate run-off elections that will determine which party controls the US Senate.
- Oil prices soared as much as 5% on Tuesday after Saudi Arabia announced a surprise oil production cut.
- Watch major indexes update live here.
US stocks rose on Tuesday as investors awaited the results of the key Georgia Senate run-off elections that will determine if Republicans or Democrats control the upper chamber of Congress.
Oil prices soared as much as 5% on Tuesday after Saudi Arabia announced a surprise oil production cut of an extra 1 million barrels per day throughout February and March, Bloomberg reported.
Here's where US indexes stood at the 4 p.m. ET close on Tuesday:
- S&P 500: 3,726.86, up 0.71%
- Dow Jones industrial average: 30,391.60, up 0.55% (167.71 points)
- Nasdaq composite: 12,818.96, 0.95%
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Legendary investor Jeremy Grantham renewed his warning to investors that the stock market is in a "fully-fledged epic bubble," in a Tuesday letter titled "Waiting for the Last Dance."
"Make no mistake - for the majority of investors today, this could very well be the most important event of your investing lives," the GMO co founder and chief investment strategist said.
Alibaba jumped 5% on Tuesday after CNBC's David Faber reported that its billionaire founder Jack Ma is not missing, but is instead lying low. On Monday, Alibaba fell as much as 3% following a string of reports that Ma hasn't been seen in public for more than two months and had been abruptly replaced on a business TV show he was scheduled to judge.
Billionaire investor Bill Gross said 2020's growth stocks like Tesla "may struggle" in 2021 and said his current favorite market sector is the natural gas pipeline group in his latest Investment Outlook letter titled "Little Bit Softer Now."
Oil prices were up. West Texas Intermediate crude rose 4.89% to 49.95% per barrel. Brent crude, oil's international benchmark, was 4.95%, to $53.62 barrel, at intraday lows.
Gold increased 0.30%, to $1,952.40 per ounce.
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