The markets enjoyed a strong push to the upside today thanks to a strong energy sector as well as tech stocks. The Dow 30 closed higher by 122, the S&P 500 added 22, and the Nasdaq 100 showed the best gains on the day, adding 44. Technical traders will note the break above resistance on the S&P 500 as well as the Dow, a move that many had been waiting for.
Oil was a big supporter of the S&P 500 today as the price per barrel moved over $71, hitting new highs in the process. In the Dow 30, ExxonMobil (NYSE: XOM) was your leader with gains of 2.38%. Chevron (NYSE: CVX) was another notable name that added 1.70% as well. In the S&p 500, Marathon Oil (NYSE: MRO) was your best performing energy stock, popping 4.04% on the day.
In what was previously bearish news for the markets, the 10 year note climbed back above 3%. Just a few weeks ago this was seen as a bearish sign and investors chose to sell off some of their stocks in the short term. Also noteworthy was the 2 year note which traded almost perfectly to a 10 year high.
Walmart (NYSE: WMT) shares were lower by 3.14% on the day as the company announced that they agreed to buy a majority stake in India based, Flipkart for $16 billion. The goal was to get larger access to India's market and Walmart seems to have spared no expense. Amazon (NASDAQ: AMZN) shares seemed to turn a blind eye to the transaction as shares were higher by 1%.