Stocks Opened Higher, Oil Prices Rose

U.S. stocks open higher on Tuesday, amid positive stimulus and vaccine news. The Dow Jones Industrial Average lately rose 329.10 points, or 1.09%, to 30,541.01. The S&P 500 jumped 44.33 points, or 1.17%, to 3,818.19. The Nasdaq Composite gained 166.68 points, or 1.24%, to 13,570.07.

Oil future rose Tuesday, hitting a one-year high ahead of this week’s meetings of major producers that aren’t expected to result in any major changes in output levels. West Texas Intermediate crude for March delivery rose $1.27, or 2.4%, to $54.82 a barrel. April Brent crude was up $1.28, or 2.3%, at $57.63 a barrel.

A group of Senate Republicans outlined on Monday a roughly $618 billion offer, including a round of $1,000 direct checks for many adults. House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer introduced a budget resolution yesterday, the first step in a process called budget reconciliation which would allow much of President Joe Biden’s $1.9 trillion stimulus plan to pass the Senate with just a simple majority.

The CDC’s vaccine tracker is showing that as of 6 a.m. Eastern Monday, 32.2 million doses had been administered so far, which is more than the confirmed case tally. So far, 49.9 million doses have been delivered to states.