Stocks Roar Back to Life, Dow Adds Another 332 Points

view original post

The Nasdaq and S&P 500 also logged more notable gains

Stocks saw a midday reversal as investors tried to look past another quarterly contraction in the gross domestic product (GDP). While this marks the GDP’s second-straight contraction, Wall Street’s hope is that this apparent slump in the economy will help prompt the U.S. Federal Reserve to taper off on its aggressive interest rate hike program. By Thursday’s close, the Dow was up 332 points, while the S&P 500 and Nasdaq each logged another daily win as well. 

Continue reading for more on today’s market, including:

  • 3 solar stocks that benefited from the latest climate change buzz. 
  • Latest tech giant gearing up for the earnings confessional. 
  • Plus, another alternative energy name options traders targeted; ETSY hit with bull notes; and BHC’s 27-year low.

The Dow Jones Average (DJI – 32,529.63) gained 332.04 points, or 1% for the day. Nike (NKE) led the gainers, adding 4.1%, while Travelers (TRV) paced the laggards, falling 2%.

The S&P 500 Index (SPX – 4,072.43) jumped 48.8 points, or 1.2% for the day. Meanwhile, the Nasdaq Composite (IXIC -12,162.59) tacked on 130.2 points, or 1.1% for the session.

Lastly, the Cboe Market Volatility Index (VIX – 22.33) lost 0.9 point, or 3.9% for the day. 

5 Things to Know Today

  1. The select House committee investigating the Jan. 6 capital riot interviewed former Trump White House acting chief of staff Mick Mulvaney, who resigned the day after the riot took place. (CNBC)
  2. Mike Wilson at Morgan Stanley called the market’s post-Fed bounce a “trap,” noting that he thinks expectations that interest rate hikes will soon slow is “premature.”(MarketWatch)
  3. How the shares of Bloom Energy cleared a key trendline. 
  4. The e-tail giant blasting higher after earnings
  5. What sent Bausch Health stock to a 27-year low. 

Gold Logs Best Day Since March

The GDP’s contraction and subsequent recession fears weighed on oil prices today. In response, September-dated crude lost 84 cents, or 0.9%, to settle at $96.42 per barrel. 

Gold logged its second-straight gain and its best day since March after the precious metal’s initial Fed-inspired rally was further exacerbated by money managers in short covering mode. October-dated gold added $31.20, or 1.8%, to close at $1,750.30 per ounce.