GM has first record close since October 2017
Stocks grind higher as GM hits record, oil rises to $53 level
U.S. equity markets battled higher Tuesday despite the struggles of Big Tech, which remained under pressure after censoring President Trump and other conservatives.
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The Dow Jones Industrial Average added 60 points, or 0.19%, while the S&P 500 and the Nasdaq Composite ticked up 0.04% and 0.28%, respectively. All three indexes slid off record highs on Monday, dragged lower by outsized losses in shares of big technology firms which experienced more weakness Tuesday.
Twitter Inc. and Facebook Inc. fell as investors dumped shares for a second session in response to the silencing of President Trump and other conservative voices.
In other news, General Motors closed at a record, it's first since October 2017, as tracked by Dow Jones Market Data Group.
The automaker rolled out a new electric delivery van business this year with a vehicle that will be sold under the new BrightDrop brand, the automaker announced during a CES presentation on Tuesday.
Elsewhere, Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson died Tuesday at the age of 87 following a battle with non-Hodgkins lymphoma. Adelson bought Sands Hotel and Casino in Las Vegas in 1989 and helped transform the city into a top U.S. destination for conventions and exhibitions.
In other news, Walmart Inc. announced plans to create a fintech startup in collaboration with Ribbit Capital with the aim of developing and offering financial solutions.
Zoom Video Communications Inc. announced a proposed $1.5 billion offering of common stock. All shares of the proposed offering will be sold by the company.
Meanwhile, financials remain in focus as investors look ahead to earnings reports due out on Friday from Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co.
Oil majors Exxon Mobil Corp. and Chevron Corp. gained as West Texas Intermediate crude oil rallied 96 cents to $53.21 per barrel. Elsewhere in the commodities space, gold fell $6.70 to $1,842.90 per ounce.
Britain’s FTSE 100 paced the decline in Europe, trading down 0.65%, while France’s CAC 40 and Germany’s DAX 30 were lower by 0.2% and 0.08%, respectively.
Asian markets were higher across the board with China’s Shanghai Composite index advancing 2.18%, Hong Kong’s Hang Seng index adding 1.32% and Japan’s Nikkei 225 edging up 0.09%.
