Stock Market News For Feb 13, 2018
Zacks Investment Research | Feb 12, 2018 10:09PM ET
Benchmarks ended in the green on Monday for a second straight trading day after posting its worst weekly performance in two years. Investors took a breather after markets performed a rebound after hitting the resistance level. Additionally, President Trump signed into law a bipartisan budget deal that will provide a massive spending boost to the Pentagon and U.S. infrastructure. This in turn had a positive impact on key indexes.
How the Benchmarks Fared?
The Dow Jones Industrial Average (DJI) increased 1.7%, or 406.06 points, to close at 24,596.96. The S&P 500 rose 1.4% to close at 2,655.48. The tech-laden Nasdaq Composite Index closed at 6,981.96, gaining 1.6%. The fear-gauge CBOE Volatility Index (VIX) decreased 3.45 points to close at 25.61. A total of 8.13 billion shares were traded on Monday, lower than the last 20-session average of 8.5 billion shares. Advancers outnumbered decliners on the NYSE by a 2.80 -to-1 ratio. On Nasdaq, a 1.90-to-1 ratio favored advancing issues.
Markets Recover For 2-Straight Day
All the key U.S. indexes rebounded and increased for the second consecutive trading day after entering correction territory last week. The movement came after investors looked to buy on the cheap, with energy stocks among the key gainers. Domestic oil prices recovered after last-week’s decline after OPEC in its monthly report projected global oil demand would increase by 1.59 million barrels per day (bpd) this year, better than its previous outlook by 60,000 bpd.
WTI crude price advanced 0.2% to $59.29 per barrel. Increase in oil prices had a positive impact on the Energy Select Sector SPDR (XLE (NYSE:XLE)), which advanced 1.7%. Some of its key components, including Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM) rose 0.4% and 0.8%, respectively. Both the energy giants possess a Zacks Rank #3 (Hold). You can see Zacks Investment Research
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