Leading the charge is Caterpillar Inc. (NYSE: CAT), which has added more than 3.5% to trade above $80.10. The Buffett acquisition combined with some encouragement for commodity prices have pushed the stock to a three-week high.
The second-biggest gain has been posted by Apple Inc. (NASDAQ: AAPL), hardly an industrial stock, but China looms large in any view of Apple, and any change in commodity prices depends heavily on prospects for China’s manufacturing sector. If commodity prices rise, China’s economy is likely to be improving, and that bolsters the outlook of for purchases of iPhones.
Chevron Corp. (NYSE: CVX) and Exxon Mobil Corp. (NYSE: XOM) are both up around 2% on higher crude oil prices. Again, an improved outlook for commodity prices helps directly, but indirectly higher prices typically indicate higher demand, which indicates that manufacturers like Precision Castparts could see an increase in their business.
The Buffett acquisition and rising crude oil prices have given the DJIA a boost. How long the boost will last and how big it eventually will be remain to be seen.
ALSO READ: 6 Analyst Stock Picks Called to Rise 50% to 100%
You worked hard to build a six-figure portfolio. But, you’re aware that building a comfortable retirement not just about saving—it’s about strategy. For example, if you’re not taking taxes into account, you’re missing out on a key input to optimize your wealth. Answer a few simple questions to find a financial advisor who can help you take steps to wield your assets in ways to compound over time. Click here to get started now. (Sponsor)
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
