Stocks are rallying on Tuesday and the Dow is having its biggest day since early December.
The blue-chip index rose by as many as 250 points in morning trading, or about 1.5%, while the S&P 500 rose 19 points or 1%, and the Nasdaq was up 28 points.
And crude oil is also up, unsurprisingly, since crude and oil have moved so tightly together of late. West Texas Intermediate crude futures in New York rose 2.5% to as high as $31.34 a barrel. Oil fell back below $30 on Monday.
Later this evening, inventory numbers from the American Petroleum Institute will cross. But while the market is fixated on the supply-demand imbalance in the markets, Citi’s Tobias Levkovich asked clients to consider that maybe the fall in oil prices is best explained by the dollar’s rally (both have an inverse relationship.)
Recapping the economic data, home prices rose more than expected in November, according to the S&P/Case-Shiller home price index, as the 20-city composite index increased 5.8% month-on-month, the highest since June 2014.
The FHFA home price index was 0.5% for November, in line with forecasts.
Consumers aren’t freaked out about the stock market’s impact on the economy after all, indicates the Conference Board, whose consumer confidence index rose more than expected to 98.1 in January.
Apple reports earnings after the bell, and focus will be on whether iPhone sales declined during the quarter, as analysts expect.