The Dow and S&P 500 opened trading in the red while the Nasdaq was up 0.35%. Technology shares, which have been down about 1.8% since election day, rose on Tuesday. The industrial and capital equipment sectors finished with modest gains. The airlines rallied with a 2.5% gain.
Crude-oil prices were up over 5% on Tuesday at around $45.75 a barrel. Pump prices, however, fell for the 11th consecutive day, reaching the national average price of $2.149 per gallon. The national average price is about $0.08 less than a month ago. An abundance of crude oil in global markets has been contributing to lower prices. The price difference between the U.S. crude benchmark, West Texas Intermediate, and the European benchmark, Brent, has shrunk as the competitive advantage of American refiners continues to diminish.
Manjul Bhusal Sharma does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.