Mid-afternoon market update: Dow jumps over 100 points; Cooper Tire (CTB Stock) shares jump


Toward the end of trading Monday, the Dow traded up 0.40% to 31,621.04 while the NASDAQ fell 1.57% to 13,656.22. The S&P also fell, dropping 0.28% to 3,895.94.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 28,134,270 cases with around 498,900 deaths. India confirmed a total of at least 11,005,850 confirmed cases and 156,380 deaths, while Brazil reported over 10,168,170 COVID-19 cases with 246,500 deaths. In total, there were at least 111,415,030 cases of COVID-19 worldwide with over 2,467,200 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 4.4% on Monday. Meanwhile, top gainers in the sector included GasLog Ltd. GLOG 19.64%, up 20%, and SM Energy Company SM 20.95%, up 22%.

In trading on Monday, utilities shares fell by 2.4%.

Top Headline

DISH Network Corporation DISH 3.39% reported better-than-expected earnings for its fourth quarter.

DISH reported quarterly earnings of $1.24 per share, beating analysts’ estimates of $0.75 per share. The company’s quarterly sales came in at $4.56 billion, versus expectations of $4.42 billion.

Equities Trading UP

Rodgers Silicon Valley Acquisition Corp. RSVA 36.83% shares shot up 40% to $22.08. Enovix will go public through a merger with Rodgers Silicon Valley Acquisition Corp.

Shares of Celsion Corporation CLSN 51.32% got a boost, shooting 68% to $3.1989 after the company received FDA Fast Track designation for GEN-1 in advanced ovarian cancer.

Cooper Tire & Rubber Company CTB 30.41% shares were also up, gaining 30% to $56.97 after the company announced it will be acquired by Goodyear around $2.8 billion. Cooper Tire & Rubber also reported Q4 results.

Check out these big movers of the day

Equities Trading DOWN

Otonomy, Inc. OTIC 42.49% shares tumbled 42% to $3.11 after the company announced that its Phase 3 clinical trials of OTIVIDEX in patients with Meniere's disease did not meet its primary endpoint.

Shares of Ebix, Inc. EBIX 40.42% were down 40% to $30.30 after the company reaffirmed business forecast for FY 2021.

Brainstorm Cell Therapeutics Inc. BCLI 33.19% was down, falling 33% to $4.64 after the company announced the FDA concluded from their initial review that the current level of NurOwn clinical data does not provide the threshold of substantial evidence that FDA is seeking to support a biologics license application.

Commodities

In commodity news, oil traded up 4.1% to $61.69, while gold traded up 1.7% to $1,807.80.

Silver traded up 3.3% Monday to $28.165 while copper rose 1.8% to $4.1465.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.44%, the Spanish Ibex Index fell 0.48% and the German DAX 30 declined 0.31%. Meanwhile, the French CAC 40 fell 0.11%, London’s FTSE 100 fell 0.18% and Italy’s FTSE MIB fell 0.55%.

German Ifo Business Climate indicator increased to 92.4 in February from a revised reading of 90.3 in the earlier month.

Economics

The Chicago Fed National Activity Index rose to 0.66 in January versus a revised reading of 0.41 in December.

The index of leading economic indicators rose 0.5% for January.

The Dallas Fed manufacturing index rose 10.2 points to a reading of 17.2 in February .

Benzinga does not provide investment advice. All rights reserved.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

GBP/USD holds above 1.4050 after upbeat UK job figures

GBP/USD is trading above 1.4050, near the fresh 35-month highs as US yields retreat from the highs and push the dollar lower. UK wages rose by 4.7% in December and January's jobless claims fell by 20,000, both better than expected. 

GBP/USD News

Bitcoin stages a quick bounce above $50,000 after the 11% sell-off

The wild ride in Bitcoin continues in Tuesday’s Asian trading, as the BTC sellers are back in control, knocking off prices by almost 11%. Although, strong bids emerged just above $48,500 levels, prompting the flagship cryptocurrency to stage a quick recovery back beyond the $50,000 mark.

Read more

EUR/USD sets four-week high, eyes Powell's testimony

EUR/USD advances toward 1.2200 but is struggling to keep the bullish momentum going, with investors turning cautious ahead of the Fed Chairman  Powell's appearance before Congress later Tuesday.

EUR/USD News

XAU/USD retreats from one-week tops, on the defensive below $1810 level

A combination of factors failed to assist gold to capitalize on the early uptick to one-week tops. The underlying bullish tone in the financial markets capped gains for the safe-haven commodity. The recent rally in the US bond yields also held bulls from placing bets around the yellow metal.

Gold news

US Dollar Index struggles for direction around 90.00, looks to Fed, data

DXY consolidates the recent drop and hovers around 90.00. The dollar has decoupled from performance in yields in past hours. Housing data, Fed’s Powell testimony, Consumer Confidence next on tap.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures