US stocks open at the start of the week with a buoyant performance as three major indexes make gains. The Dow was up +0.12%, the S&P 500 advanced +0.16% and the Nasdaq up +0.51% spurred by optimism over global economic growth and a strong earnings seasoning.
From the top:
- Markets moderately up as energy takes a toll
- Oil braces for OPEC decision
- Continued dollar weakness bolsters stocks
Gainers were in basic materials (+0.34%), technology (+0.49%) and telecom (+0.33%) while laggards energy (-0.49%) and financials (-0.07%) dragged on performance. In the first day of trading Brighthouse, the MetLife spin off now holding its core life insurance business and retirement annuities declined -4.41% to $61. Oil stocks followed the price of oil in a downward spiral. Newfield Exploration (-4.99%), Pioneer Natural (-4.21%) and Marathon Oil (-1.60%) also declined.
Camera and accessory maket, GoPro, was up +3.15% while communications and aviation electronics company, Rockwell Collins surged +6.78% on news of takeover by United Tech (-2.44%). Meanwhile, Alibaba climbed +3.59% as it announced a joint venture with Marriott (+1.10%) aimed at Chinese travelling abroad.
- Dow 22,118 +0.12%
- S&P 500 2,480 +0.16%
- Nasdaq 6,383 +0.51%
- Russell 2000 1,413 +0.10%
- NYSE Composite 11,984 +0.14%
- Gold 1,263 -0.13%
- Oil WTI $49 -0.54%
- 10-Year Treasury Yield 2.25% -0.01%
Oil price's downward slide
Oil prices dipped on Monday at the start of the Organisation for Petroleum Exporting Countries' two-day meeting in Abu Dhabi as representatives from producing countries and non-member countries meet to discuss compliance with cutting supplies.