U.S. stocks rallied on Tuesday, as data released showed that manufacturing activity in America rose to new highs.

Figures released by the Institute for Supply Management showed that its index for national manufacturing activity increased to 60.7 in December. This level was the highest reading since August 2018.

The data helped the likes of the S&P 500 shake off yesterday’s sluggish start to the year. The benchmark index was up 0.85% as of writing.

Other gainers include the NASDAQ and Dow Jones which were up 0.90% and 0.81% respectively.

UK lockdowns help grocery sales record new highs

It was announced yesterday that the UK will be entering national lockdowns as the country continues to battle the new strain of the COVID-19 virus.

Data released today showed that whilst the country was in regional lockdowns, grocery sales rose to their highest level on record.

The figures which were released by market researcher Kantar, showed that grocery sales rose 11.4% year-on-year, leading to sales reaching £11.7 billion.

As of writing the FTSE 100 was up 0.61%, as the new restrictions begin.

Oil crosses $50 as Saudi Arabia cuts production

The surge in Oil prices continued today as WTI rose past $50 for the first time in close to a year.

Energy prices rose as it was stated that Saudi Arabia would make voluntary cuts to its output in February and March in order to help persuade other OPEC producers to hold production steady.

News of this came as Saudi Arabia and Qatar reconciled past issues and mended a rift which has lasted since 2017.

Prices of WTI reached an intraday high of $50.10.

Source: Bloomberg Markets and Finance

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Eliman Dambel

Senior Market Analyst
edambell@tvmarkets.com