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Stocks jump as tech, energy rally


Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., February 15, 2018.  REUTERS/Lucas Jackson/File PhotoTraders work on the floor of the New York Stock Exchange.Thomson Reuters

Stocks rose Tuesday as trade war fears took a backseat to energy and tech rallies. Apple surged ahead of the unveiling of new iPhones set for Wednesday. The dollar and Treasury yields edged higher.

Here’s the scoreboard:

Dow Jones industrial average25,971.19 +114.12 (+0.44%)

S&P 500: 2,888.19 +11.06 (+0.38%)

Nasdaq Composite7,972.47+48.31 (+0.61%)

  1. A Category 4 hurricane is due to make landfall on the East Coast of the US this week, with experts expecting it to cause “catastrophic” flash flooding and winds. Oil prices jumped about 3% as Hurricane Florence made its way toward the Carolinas and Virginia. Meanwhile, insurance and construction stocks took a beating.
  2. Citing non-compliance with a ruling over dumping duties, China is planning to ask the World Trade Organization for permission to hit the US with sanctionsThe request would come around the same time the Trump administration is expected to announce whether it will follow through with proposed tariffs on roughly $200 billion worth of Chinese products.
  3. A former Tesla bull said the electric carmaker is “no longer investable.” Nomura Instinet analyst Romit Shah said the main issue was “the erratic behavior of CEO Elon Musk,” including his tweets, frequent short seller taunts and a recent earnings call outburst. Shares of the company plunged nearly 3% following the report. 

And a look at the upcoming economic calendar:

  • The Labor Department releases its latest consumer and producer-price index readings.
  • The Bank of England holds a policy meeting. 

Get the latest Oil WTI price here.

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