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US markets rallied; Starbucks lifted 4.8% on Volvo partnership; Airline stocks rose on recovery in travel demand

  • The Nasdaq rose 2.9% to close Tuesday’s session at 12,949 points.
  • Starbucks jumped 4.8% on a new EV charging station partnership with Volvo.
  • Airline stocks rallied amid travel bookings exceeding expectations.

The US markets rebounded on Tuesday to close the session higher amid a decline in oil prices, with Brent Crude oil falling more than 6% to below US$100/barrel. The decline in oil prices eased investor concerns of inflation as they await the Fed’s announcement on interest rates.

The Dow Jones rose 1.8% to finish the trading day up 599 points to close at 33,544 points.

The tech heavy NASDAQ rose 2.9% to finish the trading day up 367 points to close at 12,949 points with Tesla and Amazon gaining 4.63% and 3.89% respectively.

One bitcoin is worth US$39,360 going into the Asian trading day.

The Australian dollar is firm against the major currencies and is buying 71.92 US cents.

Starbucks jumped 4.8% on Tuesday after the US-based coffee giant announced a new partnership with automaker Volvo. Under the partnership, Volvo will install as many as 60 Volvo-branded ChargePoint DC fast chargers at up to 15 Starbucks stores from the Denver area to Starbucks HQ in Seattle. The pilot program will be used as research to gauge the usage and potential scalability of electric vehicle chargers at Starbucks stores nationwide.

US-based airline stocks rallied on Tuesday amid travel bookings coming in ahead of expectations. Southwest Airlines jumped almost 5% after announcing the recovery in travel demand has been faster than expected, while Delta shares lifted 8.7% and United Airlines shares soared more than 9%.

And former US President Barack Obama has teamed up with Netflix to narrate a new five-part docuseries called Our Great National Parks

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