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Crude Oil $60,490.00      $-1570.00
Market Update

Tech Rally Lifts S&P 500 to Positive in 2015

Author: Nichole Harper
Last Update: 12:02 PM ET December 29 2015

12:00 PM New York City, New York – S&P 500 index traded in the positive zone for the year after tech stocks rallied and energy complex stocks edged higher. Crude oil jumped 2%. European markets extended yearly gains but the FTSE 100 index lagged and the markets in Asia closed mixed.

Market indexes on Wall Street advanced and the oil jumped 2% after a week of decline.

On Wall Street, Tollbooth Strategy Index jumped 116.88 or 1.1% to 10,942.74.

S&P 500 index rose 18.56 or 0.9% to 2,075.03 and the Nasdaq Composite Index jumped 54.34 or 1.1% to 5,095.08.

The S&P 500 index rebounded in the positive territory led by a rally in tech stocks and the gain in energy complex stocks on the back of higher oil price.

Crude oil in New York gained 99 cents to $37.80 a barrel and gold slid 77 cents to $1,068.31 an ounce.

Crude oil has lost nearly two-third of its value since mid-2014 on the rising global supplies and falling demand in Asia.

With the weak demand in Asia, the price of Brent crude remained below the variety sold in the U.S. for the first time in many years. Moreover, oil price outlook in 2016 looks bleak as Iran is preparing to add 500,000 barrels a day supply to the world mark which are already running at a surplus of 2 million barrels a day.

U.S. Movers

General Electric Company (GE) gained 1.1% or 33 cents to $31.23 after the diversified industrial conglomerate agreed to acquire heavy-duty gas turbine maker privately-held Metem Corporation.

Intel Corporation (INTC) rose 15 cents to $35.08 after the European Commission approved acquisition of Altera Corporation for about $16.7 billion.

Pep Boys-Manny Moe and Jack (PBY) soared 7.1% or $1.23 to $18.62 after the automobile parts and services retailer received revised offer from activist investor’s Icahn Enterprises L.P. for $18.50 per share or $1 billion in cash.

The bid was $2 per share higher from Icahn''s earlier offer and $1.50 better than the Japan-focused tire maker Bridgestone Americas, Inc. The initial offer of Bridgestone was for $15 per share.

European Markets

European markets gained ground on Tuesday, led by the banking sector, but trading volume was light in the holiday shortened week.

In the U.K., the advance was limited by losses in the mining sector, which continued to decline on the falling global demand.

In London trading, FTSE 100 index increased 24.38 or 0.4% to 6,278.87 and in Frankfurt the DAX index advanced 155.49 or 1.5% to 10,810.36.

In Paris, CAC 40 index jumped 62.07 or 1.3% to 4,679.91.

Anglo American Plc plunged 6.2% to 307.65 pence after the resources miner agreed to sell its 83.33% stake in Australia-based Dartbrook Coal Mine near Aberdeen to Australian Pacific Coal for about $36 million in cash and royalty.

Deutsche Bank AG jumped 2.2% to €22.68 after the German investment bank agreed to sell its stake of 19.99% in China-based Hua Xia Bank to Chinese insurer PICC Property and Casualty Co Ltd for €3.7 billion.

The sale is part of the effort of Deutsche Bank to lower debt on its balance sheet.

Prysmian gained 2.93% to €20.37 after the Italian cable specialist increased its stake in Oman Cables Industry to 51% from its stake of 34.78%.

The additional 16% stake will cost €100 million.

Asian Markets

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc