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  • a pickup in U.

  • S.

  • Manufacturing activity last month gave Wall Street a shot in the arm.

  • Tuesday, the Dow gained 106.

  • 7 points.

  • The S and P 500 was up 26.

  • The NASDAQ up 120 US factories in December, with the busiest they've been in nearly 2.5 years.

  • The man for goods are up during the health crisis, according to the Institute for Supply Management monthly survey, since Americans are unable to spend money on activities and services, but there is a downside.

  • The report cites high absenteeism and factory shutdowns for sanitizing as two factors that are quote limiting manufacturing growth potential.

  • Another factor for the markets.

  • Oil prices crew jumped nearly 5% of the US to just under $50 a barrel, Ah level not seen in nearly a year.

  • A surprise announcement by Saudi Arabia that it plans to slash production by one million barrels of oil per day in February and March provided the boost.

  • Nick Colas of Data Trick Research predicts prices are poised to go even higher.

  • The Saudi moves very helpful in terms of putting some support underneath oil prices and giving people a sense of where supply is gonna be, So that's a critical part of the equation.

  • But we're focused more on the demand side of the equation, and that's where the oil trade, really I think, comes into its own.

  • If you believe, as we do in a pretty strong, robust economic recovery in 2021 oil is gonna have a lot more to go.

  • Traditionally speaking, oil should go between 16 80% from the lows in a cyclical recovery, and that would put us between 60 and $70 a barrel sometime this year.

  • Those hopes lit a fire.

  • Under the energy sector, which was the market's worst group last year, Exxon Mobil jumped roughly 5%.

  • Conical Phillips gained nearly 6%.

a pickup in U.

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B1 oil saudi barrel equation manufacturing factory

Wall Street bounces higher on factory data

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    林宜悉 posted on 2021/01/06
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