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.
|I:DJI||DOW JONES AVERAGES||34746.25||-8.69||-0.03%|
|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.
|XOM||EXXON MOBIL CORP.||62.18||+1.52||+2.51%|
|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.
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.
|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.
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.
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.