Stock market today: Dow adds more than 300 points ahead of inflation report
Investing.com — Stocks closed higher on Tuesday led by a jump in energy and big tech as investors awaited a duo of inflation reports later this week.
At 16:01 ET (20:01 GMT), the Dow Jones Industrial Average was up 317 points or 0.9%, while the S&P 500 was up 0.7% and the Nasdaq was up 0.6%.
Energy climbs as oil prices ride improved demand outlook higher
There are growing expectations that the oil market could tighten in the second half of the year, underpinned by signs of falling crude production and recent pledges from Saudi Arabia to cut output by one million barrels per day for July.
Also boosting sentiment on energy stocks, China, the world’s largest energy importer, is reportedly mulling steps to aid its economy with further stimulus.
Pioneer Natural Resources Co (NYSE:PXD), APA Corporation (NASDAQ:APA), Halliburton Company (NYSE:HAL) were among the biggest gainers, with the latter recently singled out by Goldman Sachs for its “underappreciated customer mix and international exposure.”
3M Company (NYSE:MMM) jumped nearly 5% after Bank of America upgraded the industrial and consumer products maker to Neutral from Underperform on expectations that receding legal troubles would help boost performance.
Last month, 3M settled reached an agreement to settle allegations that it contaminated public water systems with toxic perfluoroalkyl and polyfluoroalkyl, substances (PFAS), or so-called forever chemicals.
As well as 3M, a rally in Generac Holdings Inc (NYSE:GNRC) and Stanley Black & Decker Inc (NYSE:SWK) also lifted industrials.
With just days to go until major Wall Street banks kick off the earnings season on Friday, JPMorgan (NYSE:JPM) led the sector higher following an upgrade from Jefferies to Buy from Hold, citing
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