The Dow Jones Industrial Average on Tuesday closed at a record in mixed trading. All three key indexes had earlier extended Friday’s records on hopes for fiscal stimulus and better vaccine distribution.
The Dow Jones Industrial Average finished up 64 points, or 0.2%, to 31,522. The blue-chip index had risen as much as 150 points earlier in the session.
The S&P 500 eased 0.06% while the Nasdaq Composite finished 0.34% lower.
U.S. Treasury bond yields hit the highest levels in more than a year as investors worried a global recovery from the COVID pandemic would bring inflation. The bond market has grown increasingly reliant on central bank support.
U.S. markets were closed Monday for the Presidents Day holiday. Stocks had kicked the long weekend off with the three major indexes closing Friday at records.
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Brent crude oil touched the highest level since January 2020 as a cold snap in Texas boosted demand for power and fuel.
Brent crude oil, the global benchmark, traded above $63 a barrel. Freezing temperatures in Texas were causing unprecedented power shortages across the state as refiners were forced to shut down. West Texas Intermediate crude rose 0.8% to $60 a barrel.
CVS Health reported stronger-than-expected fourth-quarter earnings, thanks in part to solid pharmacy sales.
Corporate earnings during the fourth quarter have impressed investors, even amid consumers pulled back on spending and the path of the coronavirus heading into the holiday season remained uncertain.
With just more than 75% of the S&P 500 reporting, fourth-quarter earnings are estimated to have grown 3.5% from the year earlier to a share-weighted $356.3 billion, according to Refinitiv. Current-quarter earnings are looking at a 21.1% improvement from a year earlier.
Bitcoin’s tremendous rally rolled on as the world’s largest cryptocurrency set a record above $50,000.
This article was originally published by TheStreet.