U.S. stocks traded higher yesterday, led by sharp rallies in energy, financials and industrials sectors. Energy stocks were boosted by President Donald Trump’s decision a day earlier to pull the U.S. out of the Iran nuclear deal and resume sanctions against the oil-producing nation.
Shares of Walmart fell 2.9% after the retail giant said it was taking control of India’s largest e-commerce company, Flipkart Group, for $16 billion, as the Bentonville, Ark.-based company tries to fend off Amazon at home and abroad.
Oil prices and the U.S. dollar are rallying in tandem—a dynamic that has only occurred 11 times since 1983, and it’s drawing the attention of market participants because it’s not supposed to happen. The coordinated run-up is rare because a stronger dollar makes commodities priced in the currency more expensive to users of other currencies. So a stronger dollar tends to be a headwind for commodity prices.
Shares solar companies jumped nearly 6% Wednesday on news that California regulators approved new building standards that will require new homes built in the state to have solar panels starting in 2020, the first state to do so.