Stocks are rallying

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Stocks rallied in early trading on Tuesday, with energy and financials leading gains by sector. 

 

Near 9:45 a.m. ET, the Dow was up 136 points (0.8%), the S&P 500 was up 13 points (0.64%), and the Nasdaq was up 15 points (0.3%.)

 

Stocks closed virtually unchanged on Monday, and crude oil fell 2.8%. The major headline over the weekend was that Saudi Arabia is replacing oil minister Ali al-Naimi after 20 years. 

 

West Texas Intermediate crude futures were all over the place ahead of the opening bell, and were up about 1.8% to $44.23 at the time of writing.

 

Individual stocks making notable moves include SolarCity, which fell as much as 26% after reporting a wider-than-expected loss on Monday. 

 

Lumber Liquidators slid 10% after reporting yet another quarter of declining sales. 

 

In economic data, the NFIB Small Business Optimism index came in at 93.6 for April, better than the consensus forecast for 93. Once again, survey responses showed that business owners are having a hard time finding qualified workers to fill open positions.

 

Wholesale inventories and the Job Openings and Labor Turnover Survey (JOLTS) are due at 10 a.m. ET. 

NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

 

 

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