The markets reversed their sentiment today after yesterday's nasty decline. Excellent jobs numbers and Fed comments helped hold markets to their highs of the day, completely erasing yesterday's losses. The Dow 30 closed higher by 746, the S&P 500 added 84, and the Nasdaq 100 closed higher on the day by 275.
Sector News
Transports completely erased all of yesterday's losses as investor sentiment completely changed overnight. Yesterday's laggards became today's leaders in the space, pushing the sector to its highs of the week.
Oil shot to new weekly highs, having its fifth straight day of gains thanks to an inventory report showing a decline in supply of 4.5 million barrels. Oil is higher now by about 7% on the week.
Stock News
Netflix (NASDAQ: NFLX) shares were sharply higher on the day as Goldman Sachs (NYSE: GS) added it to their conviction buy list. Shares are higher by almost 25% since marking a low a mere eight days ago.
Intel (NASDAQ: INTC) shares were higher on the day as Bank of America (NYSE: BAC) upgraded the stock to buy and raised their price target to $60. Analysts cite a an above 10 price-to-earnings ratio as one reason for upgrade, along with A.I. inroads and 5G developments.
Tesla (NASDAQ: TSLA) shares spiked today on news that the carmaker would start delivering the Model 3 to Chinese customers in March. Shares are still lower by about 2% on the week and below the 200-day moving average.