The Dow added 338 points on Thursday
The Dow added 338 points on Thursday, after Senate Majority Leader Chuck Schumer said Congress has agreed on a short-term increase to the U.S. debt ceiling, which could prevent the U.S. from defaulting until December. Better-than-expected jobless claims data for the week also boosted sentiment, with reopening and tech stocks leading the charge.
All three benchmarks scored their third-straight win; the Nasdaq notched a triple-digit gain -- its largest since Aug. 23 -- while the S&P 500 also settled firmly in the black. Investors are now turning to tomorrow's long-awaited jobs report, which could influence the Federal Reserve's timeline for tapering stimulus.
Continue reading for more on today's market, including:
- Twitter stock got a boost from a billion-dollar sale.
- This tech stock slipped after a C-suite shakeup.
- Plus, behind this pot stock's revenue miss; where Fastenal stock stands ahead of earnings; and Affirm stock pops on new partnership.
The Dow Jones Average (DJI - 34,754.94) gained 338 points, or 0.9%. UnitedHealth (UNH) paced the gainers with a 2.7% pop, while Amgen (AMGN) fell to the bottom, shedding 3.3%.
The S&P 500 Index (SPX - 4,399.76) tacked on 36.2 points, or 0.8%, for the day, and the Nasdaq Composite (IXIC - 14,654.02) jumped 152.1 points, or 1.1% for the day.
Lastly, the Cboe Volatility Index (VIX - 19.54) lost 1.5 points, or 7%.
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The
global tax deal is closer to becoming reality, after Ireland agreed to join G-7 and G-20 nations in imposing a minimum corporate rate of 15% on multinationals.(
CNBC)
- General Motors (GM) promised to double revenue over a "decade of growth" during its two-day investor event, noting it will focus on electric vehicles and autonomous driving. (MarketWatch)
- This cannabis stock took a hit after reporting a quarterly revenue miss.
- Checking in with Fastenal stock ahead of its upcoming earnings report.
- Affirm stock popped on a partnership with Target (TGT) ahead of the holidays.
Upbeat Jobless Data Pressures Gold Prices
Oil prices finished higher on Thursday, erasing earlier losses after Bloomberg News reported the U.S. Energy Department said it has no plans to tap the nation's Strategic Petroleum Reserve. A deal to increase the U.S. debt limit also boosted the commodity. November-dated crude rose 87 cents, or 1.1%, to settle at $78.30 a barrel in response.
Meanwhile, gold prices were lower, as better-than-expected jobless claims data weighed on the yellow metal. A pop in the 10-year U.S. Treasury yield pressured prices lower as well. In turn, December-dated gold fell $2.60 cents or 0.1%, to settle at $1,759.20 an ounce for the day.