(CercleFinance.com) – The New York Stock Exchange outlines a rebound Tuesday after three consecutive sessions of decline, mainly in favor of the recovery in oil prices and energy values.
At the very end of the morning, the Dow Jones index gained 1.1% to 35,307.5 points, the Standard & Poor’s 500, larger, rose 0.8% to 4,603.6 points and the Nasdaq Composite took 0.9 % to 15,118.2 points.
With the price of US light crude rebounding more than 3% above $ 70 following its recent plunge, many oil companies are at the top of the charts, starting with ExxonMobil (+ 1.8%).
With a gain that has now exceeded 44% since January 1, the S&P index of the energy sector is, at this stage, the best performing this year.
If oil is today the main engine of the markets, a few cheap buybacks on banking, industrial and commodity stocks are also supporting the trend.
Excluding oil and cyclicals, Nike jumped 7% and largely supports the Dow Jones after quarterly results above expectations.
Micron Technology is also wanted (+ 10%) after revealing an adjusted net profit of $ 2.47 billion for its first quarter 2021-22, almost tripling (+ 177%) compared to that of the same period from the previous year.
The technical rebound that is currently taking shape could nevertheless prove to be limited in view of the high valuation of the indices, with an increase of almost 22% for the S&P 500 index this year.
However, variations should remain minimal and the trend could remain the same in the absence of a major event on the macroeconomic agenda on Tuesday.
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