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Sep 14, 2021

Energy stocks push Dow, S&P higher

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On Wall Street, energy stocks pushed the Dow Jones index higher yesterday and kept the S&P 500 in positive territory, with focus shifting to potential changes to corporate taxes and a clutch of data this week.

But the Nasdaq was pulled lower by a drop in major technology stocks. So, the Dow Jones Industrial Average rose 262 points, or 0.8 percent , to end at 34,870. The S&P 500 gained 10 points, to 4,469. But the Nasdaq Composite shed 10 points, to 15,106.

Sector-wise, the S&P energy the best performer, gaining 3 percent as oil prices hit a one-week high on concerns over US supply. Oil majors also got a boost after the US government agreed to sell crude oil from the country's emergency reserve to eight companies, including Chevron Corp and ExxonMobil.

Meanwhile, Goldman Sachs analysts are predicting that a hike in the US domestic corporate tax rate to 25 percent and the passage of about half of a proposed increase to tax rates on foreign income would reduce S&P 500 earnings by 5 percent in 2022. 

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