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Investing.com — U.S. stock markets opened mixed on Monday with the Dow Jones Industrial Average hitting a new record high. as problems with a major U.S. pipeline network forced energy prices and stocks higher.
The Colonial Pipeline Company, which operates one of the biggest pipeline networks in the U.S., said on Sunday that its main lines that carry fuel from the Gulf to to the east coast (as far up as New Jersey) were still out of commission after a cyberattack on Friday. It’s not known how long the disruption of fuel supplies will last, but crude oil prices rose 0.5% in early trading on Monday.
By 9:40 AM ET (1340 GMT), the Dow Jones Industrial Average was up 184 points. or 0.5%, at 34,870, while the S&P 500 was down 0.1% and the Nasdaq Composite was down 1.2%.
Chevron (NYSE:CVX) stock rose 1.8% and Exxon Mobil (NYSE:XOM) stock rose 1.7%.
The market remains somewhat skittish after a weak jobs report on Friday that paradoxically prompted more buying, in anticipation of monetary policy staying supportive for longer. Such thoughts. and the awareness of more and more of the U.S. service sector reopening, have dominated any concerns about rising inflation.
Inflation hedges were in vogue in early trading, however, with mining giant Freeport-McMoran (NYSE:FCX) rising 3.0% to a 10-year high as Copper Futures and Iron ore Futures raced higher in the Asian session.
