by Noel Randewich and Ankika Biswas
(Reuters) – The New York Stock Exchange ended in disarray on Monday the day after the unexpected announcement of a further cut in oil production from OPEC + countries, which benefited the Dow Jones but slowed the S&P – 500 and pushed back the Nasdaq, further penalized by the sharp decline of Tesla.
The Dow Jones Industrial Average gained 0.98%, or 327 points, to 33,601.15 points.
The broader S&P-500 rose 0.37% to 4,124.49 after spending much of the day in the red.
The Nasdaq Composite, on the other hand, lost 32.45 points (-0.27%) to 12,189.45 points.
All three indices ended near their daily highs reached at the start of the session.
The day was buoyed by the announcement the day before by Saudi Arabia, Russia and other major oil-producing countries united in OPEC+ of a further reduction in their supply of 1.16 million barrels. per day.
This initiative, which led to a rise of more than 6% in crude oil prices, again stoked fears about inflation in the United States, which nevertheless showed signs of slowing down on Friday, and about an extension of monetary tightening. of the Federal Reserve, likely to favor an economic recession.
It nevertheless benefited the Dow Jones, whose weighting does not depend on the market capitalization of each of its components and within which Chevron gained 4.16%. ExxonMobil, another oil “major”, gained 5.9% while the S&P energy sector index experienced its strongest increase since October (+4.9%).
UnitedHealth Group (+4.57%) also contributed to the good session of the Dow after the announcement on Friday by the American federal administration of a less significant reduction than expected in its reimbursements to health insurers under the Medicare Advantage program , for the elderly.
The S&P-500 and even more the Nasdaq, with a strong technological component, however suffered from the decline in growth stocks, in the forefront of which the digital giants such as Microsoft (-0.41%) or Amazon (-0, 85%).
Tesla for its part fell 6.1% on lower-than-expected first-quarter deliveries despite aggressive price cuts, raising fears of heavy pressure on the electric car maker’s margins.
(Written by Ankika Biswas and Amruta Khandekar in Bangalore and Noel Randewich in Oakland, California, French version Bertrand Boucey)
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