OXY - Stock Markets Get an Energy Boost on Crude Oil Gains; Chevron-Noble Merger Points to More Deals Ahead
The stock market has posted amazing gains since March, but when you look past the major indexes to see what's happening, you get a much different picture. There's been a tug of war between young tech companies and old-economy stocks, and for the most part, the upstarts have stolen the show in 2020. However, that wasn't the case on Tuesday, as the old-timers fought back. As of 12:18 p.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 273 points to 26,954. The S&P 500 (SNPINDEX: ^GSPC) rose 13 points to 3,265, but the Nasdaq Composite (NASDAQINDEX: ^IXIC) was down 61 points to 10,707.
The energy sector played a key role in lifting the Dow today, as both of its oil company components posted significant gains. Yet many other players in the oil patch did even better. Below, we'll look more closely at what's happened in the energy markets and what impact it's having on stocks more broadly.
Image source: Getty Images.