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US stock markets rally as oil enters bear market

Picture of Drew Meredith, CFP
Drew Meredith, CFP
Picture of Drew Meredith, CFP

Drew Meredith, CFP

Drew Meredith is one of the founders of Wattle Partners. He is an experienced financial and investment adviser with expertise in self-managed superannuation funds, superannuation strategies, investment analysis and portfolio construction. Drew is a Partner at Wattle Partners.
More analysis

Global stock markets appeared to be regaining steam after another strong session in the US, supported primarily by a sharp fall in the oil price. The price of crude has fallen from over US$140 to below US$100 in the space of a few days, entering a bear market on threats of a slowdown in Chinese demand.

The news sent all three US benchmarks higher with the Nasdaq outperforming, up 2.9%, the Dow Jones rising 1.8% and the S&P 500 up 2.1%.

Whilst the headlines were concerning, with business inflation up 10% year over year, the rate held at last month’s level and when excluding food and energy was just 0.2%. Energy prices were 8% higher month over month.

Shares in most major airlines gained with United Airlines (NASDAQ: UAL) up 9% and Delta (NYSE: DAL) up 8.7% after both raised its quarterly revenue forecast on surging demand for travel.

The Federal Reserve rate decision lies ahead with expectations of a 0.25% hike.

US stock market movers

Here’s how other popular US stocks performed on Tuesday.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to follow this positive lead from US markets to open higher this morning. For a round-up of the latest news, check out my ASX 200 morning report.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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