Stocks shook off losses, staging an afternoon rally ahead of the Georgia Senate race outcome and news from OPEC.
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The Dow Jones Industrial Average rose over 200 points or 0.85% while the S&P 500 and the Nasdaq Composite rose 0.9% apiece. Investors are awaiting the Tuesday evening run-off election for the two Senate seats from Georgia, determining whether the Republicans will hold onto their slim majority or Democrats will take control of both chambers of the legislative branch.
Oil was also a catalyst for the broader market, closing above the $50 per barrel level for the first time since February of last year as Saudi Arabia agreed to some production cuts, according to reports coming out of OPEC. Energy stocks within the S&P rose on the news.
In other stock stories, retailer Macy's is reportedly set to close an additional 45 stores, CNBC reported.
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Large-cap tech stocks, including Apple, Facebook, Amazon and Google also saw healthy gains.
In leadership news, Qualcomm named Cristiano Amon as the incoming CEO. Steven Mollenkopf plans to retire, effective June 30, 2021.
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Gary Cohn, former head of President Trump's National Economic Council, is joining IBM as Vice Chairman. Cohn, in a tweet, said "I am honored to be joining IBM" amid "unpredictable times."
Overnight, the New York Stock Exchange, owned by Intercontinental Exchange, said it would scrap its plans to delist three Chinese telecom companies.
Instead, American depository shares of China Mobile, China Unicom and China Telecom will continue to trade on the exchange after the NYSE cited "further consultation with relevant regulatory authorities in connection with Office of Foreign Assets Control."
Shares of all three Chinese telecom companies were higher on Tuesday on back of the news.
The ISM manufacturing index was released on Tuesday, showing a reading of 60.7. Economists expected a reading of 56.4, down from a prior reading of 57.5.
In other asset classes, bitcoin rebounded after it touched the $32,000 level in afternoon trading.
Gold also rose to $1,952,70 an ounce.