U.S Stock Market-CRUDE OIL

Oil prices rose more than 2% yesterday on a weaker dollar and expectations that a crude glut would be short-lived due to a steep fall in U.S fuel stocks and a resumption of operations by Texas refiners. U.S West Texas Intermediate crude for April ended the session $1.58 or 2.5% higher, at $66.02. U.S Treasury yields fell yesterday as concern about a strong pick-up in inflation eased and focus turned to an auction of 30-year government debt. The dollar fell for a third straight day and was at its lowest level in a week against a basket of currencies. Fewer than expected Americans filed new claims for unemployment benefits last week as an improving public health environment allows more segments of the economy to reopen. A massive draw on U.S. gasoline stocks has also helped to boost oil prices. Crude inventories, however, rose by 13.8 million barrels in the week to March 5 to 498.4 million barrels, compared with analysts’ expectations in a Reuter’s poll for an 816,000-barrel rise.

U.S Stock Market-NASDAQ 100

The NASDAQ index gained 2.52%. The top performers on the NASDAQ Composite were Entera Bio Ltd which rose 152.50% to 4.040, Nova Lifestyle I which was up 87.08% to settle at 4.490 and ENGlobal Corporation which gained 43.81% to close at 6.5000. The worst performers were Enveric Biosciences Inc. which was down 23.35% to 3.480 in late trade, AVEO Pharmaceuticals Inc. which lost 22.32% to settle at 11.8700 and Celsius Holdings Inc. which was down 21.77% to 47.37 at the close.

U.S Stock Market-Dow Jones Industrial Average

The Dow Jones Industrial Average rose 0.58% to hit a new all-time high. The best performers of the session on the Dow Jones Industrial Average were Boeing Co, which rose 2.71% or 6.66 points to trade at 252.00 at the close. Meanwhile, Nike Inc. added 2.62% or 3.60 points to end at 141.19 and Microsoft Corporation was up 2.03% or 4.71 points to 237.13 in late trade. The worst performers of the session were Verizon Communications Inc., which fell 2.75% or 1.57 points to trade at 55.51 at the close. Coca-Cola Co declined 1.09% or 0.56 points to end at 50.88 and McDonald’s Corporation was down 0.82% or 1.74 points to 211.57.

U.S Stock Market-S&P 500 and Dow Jones

The S&P 500 and the Dow hit all-time highs yesterday as worries about rising inflation subsided, while a bigger-than-expected fall in weekly jobless claims and the signing of a massive stimulus bill reinforced expectations of a strong recovery. Mega-cap stocks Apple Inc., Microsoft Corp, Facebook Inc. and Tesla Inc. gained between 2.4% and 4%, recouping losses from a recent pullback and helping the benchmark S&P 500 surpass its Feb. 16 peak of 3,950.43. The blue-chip Dow scaled a new record for the fourth straight session, while the tech-heavy NASDAQ is now less than 5% below its Feb. 12 peak after slumping over 10% to confirm a correction at the beginning of this week. President Joe Biden signed his $1.9 trillion stimulus bill into law yesterday, commemorating the one-year anniversary of a U.S lockdown over the coronavirus pandemic with a measure designed to bring relief to Americans and boost the economy.

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