US Stocks & Sectors Rise, Energy & Apple Moves Higher
On Monday, U.S. stocks are rising since energy companies gained in tandem with the oil prices. Oil leaped to its peak in price in more than a year after Russia's government said it supports efforts of OPEC to cut the production of oil. The Apple climbed after fresh reports of fires affecting Samsung's Galaxy Note 7 phone, which counterparts with Apple's iPhone.
Vladimir Putin, the Russian president stated Monday that Russia supports OPEC to cut the production of oil. OPEC announced a preliminary agreement to cut its production though Russia as a major producer of energy isn't a member of OPEC.
In New York, U.S. benchmark crude rose $1.53 or 3.1 percent, to $51. 35 a barrel's closing price since July 2015. Brent Crude, utilized to price international oils earned $1.21 or 2.3 percent to $53.14 a barrel in London. While Exxon Mobil rose to $1.62 or 1.9 percent, to $88.36. Whereas, Murphy oil added up 64 cents or 2.2 percent, to $30.15.
Dow Jones Industrial has an average jumped of 107 points or 0.6 percent to 18, 347 as of 2:55 Eastern Time. Thus, compared to the earlier points it rose to 159. While the Standard & Poor index rose to 12 points or 0.6 percent, to 2,165. On the other hand, Nasdaq composite added 46 points or 0.9 percent to 5,338
As quote says "Samsung's pain, Apple's gain", evolved around in the world of industry, Apple gain climbed to $2.66 or 2.3 percent, to $116.72 as investors hope it will be able to produce more iPhones as the counterpart Samsung, faced recent problems with galaxy Note 7. Samsung claimed that it has affect its production due to the reports that some of the released phones will have replacements which reportedly overheated and caught fire just as what happened before that Samsung recalled last month. It did not either deny or confirm the issue.
Meanwhile, Mylan, a drug maker, earned $3.17 or 8.8 percent, to $39.11. The company agreed to pay $465 million to settle accusations about overcharged Medicaid program, for its Epipen allergy shot, the settlement will be on Friday. Mylan wrongly classified EpiPen as a generic drug instead a brand name which would cause Mylan to pay lower rebates to federal and state Medicaid programs said the legislators and the federal health authorities. Since late August the stock has gone down to 20 percent.
However, Bristol-Myers fell once again after the company reported more data from Opdivo, a drug study in lung cancer patients. It affected its sales. It plunged to $5.66 or 10.2 percent, to $49.76. Merck, a rival, rose $1.10 or 1.8 percent, to $63.87 since the investors were pleased with the results and had trusted it as a cancer treatment, Keytruda. With Bristol-Myers flaw about the study, it has dropped its income to 34 percent since the company declared initial results from the trial in August. This sent to almost a backward of two years. At the same time Merck has gone up to 10 percent.
Twitter was blocked as other social media continued to rise. Twitter has continued to plunge as investors grew hopeless that company will be sold. It sank $2.66 or 13.4 percent to $17.19. It dumped to 20 percent on Thursday as reports of possible buyers came out which included Apple and Alphabet which had decided not to make offers.
Republican presidential candidate Donald Trump calamitous weekend follows the Mexican pesos to grow. The candidate has criticized Mexico and its trade settlements with the U.S., thus peso has a chance and become a differentiator of how investors feel about the election. The monetary unit has tended to weak when investors felt Trump is doing better and stronger. Thus the investors gain confidence to Hillary Clinton, Democratic candidate a chance.
Manufacturer Dover, forecast a smaller profit and a bigger decline in revenue because of weaker spending in several industries and production problems in its retail refrigeration unit.
Whereas the precious metal, gold, rose $8.50 to $1,260.40 an ounce. Silver added 28 cents to $17.66 an ounce. Copper picked up 3 cents to $2.20 a pound.
Germany's DAX jumped 1.3 percent and the CAC-40 in France was 1.1 percent higher. The FTSE 100 in London leaped 0.8 percent. The Kospi in South Korea rose 0.1 percent. Japan's markets were closed for a holiday.
With regards to currency, dollar had its peak of 103.71 yen from 103.06 yen Friday. The euro fell to $1.1137 from $1.1182, and the British pound fell to $1.2354 from $1.2435.
Lastly, bond trading was set for the next day since it is Columbus Day holiday.