September Markets Rally As Oil Creeps Higher – Daily Financial News & Insights For Tuesday, September 1, 2020

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Tuesday took the markets higher across the board, with the Dow Jones Industrial Average climbing 0.76%, the Nasdaq up 1.39%, and the S&P 500 rising 0.75%. The European Stoxx 600 was down 0.35% with travel and leisure shares among the worst performers.

Amazon continues its growth and flirted with a share price over $3,500 today, but closed the day just shy at $3,499.12 per share, up 1.4% on the day. However, the interesting news comes from a Bloomberg article about Amazon and Uber, “A strange phenomenon has emerged near Inc. delivery stations and Whole Foods stores in the Chicago suburbs: smartphones dangling from trees. Contract delivery drivers are putting them there to get a jump on rivals seeking orders, according to people familiar with the matter.”

Uber was also up today to $34.30 per share, an increase of 1.99% on the day.

West Texas Intermediate crude rose 0.6% to $42.88 a barrel as the pickup in economic activity in the U.S. and China signaled a pronounced recovery in crude consumption.

Gold rose 0.1% to $1,969.56 an ounce and Copper fell 1.4% to $3.019 a pound. The yield on 10-year Treasuries fell three basis points to 0.67%.

White House coronavirus advisor Dr. Anthony Fauci confirmed on Tuesday that more than 180,000 people in the U.S. have died from Covid-19. The advisor’s comments come after some have claimed a new CDC update indicates only 6% of the nation’s total reported Covid-19 deaths were actually from the virus, and the remaining percent died of “other serious illnesses.”


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