The U.S. stock market had another up-and-down day, which has been the norm so far in the historically volatile month of September. The majority of equities opened the day trading higher, until mixed statements from a few central bank speakers caused a midday selloff that lasted into the early afternoon in New York. The roughly 2:00 PM turnaround can be mostly attributed to surprisingly good news from OPEC, which was reported to have reached a cap deal to limit oil output. By the closing bell, all three major market indexes had registered full-day gains, with the Dow Jones Industrial Average leading the pack with a 111 point surge.
Athletic footwear and apparel giant NIKE delivered better-than-expected August-period results.
It is no secret that oil prices are significantly lower than they were in mid-2014. Natural gas quotations have weakened since then, as well. This has hurt companies involved in upstream oil and gas, including Dow 30 components Exxon Mobil (XOM) and Chevron (CVX). However, since February of 2016, oil prices have risen, although the recovery has been choppy. The companies’ prospects have improved as well, but are not what they were just a few years ago.