Dow, S&P 500 retreat from records, close with gains

By Ovunc Kutlu

ANKARA (AA) - The Dow Jones and the S&P 500 retreated from earlier records during Tuesday’s session in the US but managed to end in positive territory.

After hitting an all-time high of 35,892.92 points during trading hours, the blue-chip Dow closed at 35,756.88, up 15 points, or 0.04%. ExxonMobil and General Electric gained more than 2% apiece.

The S&P 500 earlier saw an all-time high of 4,598.53 but it ended the day with an 8-point, or 0.18%, gain at 4,574.

The Nasdaq was up 9, or 0.06%, to close at 15,235. GameStop rose 2.2% and Amazon added 1.6%.

The yield on 10-year US Treasury notes was down 1.3% to 1.614%.

Despite a weak opening, the VIX volatility index, known as the fear index, climbed to positive territory with a 4.9% gain to 15.98.

The dollar index increased 0.13% to 93.93.

While international benchmark Brent crude was trading at $85.64 with a 0.55% gain, the US benchmark West Texas Intermediate was up 1.1% to $84.66.

Goldman Sachs said in a report Sunday its forecast for Brent crude is $90 per barrel for the end of the year.

"We estimate that global oil demand has surpassed 99 million barrels per day and will shortly hit its pre-COVID level of 100 million barrels per day as Asia rebounds post the Delta wave," said the US-based investment banking firm.

"Specifically, we estimate that the 2022 Brent price would need to reach $110 per barrel to balance the deficit we expect through 1Q22 via the demand side alone," it added.