The S&P toppled the 3,800 level
The Dow ended up 211 points and scored its second-straight record close, fueled by the confirmation of Joe Biden as president and upbeat manufacturing data. Walgreens- Boots Alliance (WBA) and JPMorgan Chase (JPM) propped up the Dow, the former thanks to a better-than-expected earnings report, and the latter thanks to bull notes from several optimistic analysts.
The S&P 500 and Nasdaq Composite also ended the day with record closes, as both broke above psychologically significant levels -- the 3,800 and 13,000 marks, respectively -- for the first time ever. Meanwhile, it looks like Wall Street was able to mostly overlook last night's attack on the Capitol and instead focused on Georgia's runoff election results, which ultimately gives the Democratic party control of the Senate and could point to additional stimulus on the horizon.
Continue reading for more on today's market, including:
- Why this defense stock is a reliable buy for January.
- Costco's December sales surge earned a big bull note.
- Plus, STZ's post-earnings pop; one brokerage's favorite chip stock; and the bank stock getting a boost before its quarterly report.
The Dow Jones Industrial Average (DJI - 31,041.13) added 211.7 points, or 0.7% on Thursday. Of the 20 gainers, Walgreens-Boots Alliance (WBA) led the charge with a 5.2% pop, while 3M (MMM) scraped the bottom of the barrel, pacing the 10 losers with a 2.7% drop.
Meanwhile, the S&P 500 Index (SPX - 3,803.79) tacked on 55.7 points, or 1.5% and the Nasdaq Composite (IXIC - 13,067.48) added 326.7 points, or 2.6%.
Lastly, the Cboe Volatility Index (VIX - 22.37) lost 2.7 points, or 10.8%.
- Bitcoin, which has been known for its extreme volatility in the past, just topped the $40,000 mark for the first time. The popular cryptocurrency surged 11% earlier today, before falling back around $3,500 just a half hour later, and still continues to fluctuate. (Bloomberg)
- U.S. Transportation Secretary, and wife of Senate Majority Leader Mitch McConnell, Elaine Chao has become the first Trump Cabinet Member to quit, following yesterday's attack on the Capitol by Trump supporters. Melania Trump's spokeswoman Stephanie Grisham, deputy national security advisor Matt Pottinger, and several others have also resigned. (CNBC)
- The beverage stock toasting to record highs in 2021.
- One chip stock that just landed on Citi's "Catalyst Watch" list.
- Breaking down Citigroup stock ahead of next week's earnings report.
Oil Snags Third Straight Win on Crude Decline
Oil snagged its third consecutive win today, climbing on a fourth-straight decline in U.S. crude supplies and this weeks announcement that Saudi Arabia would slash its output starting next month. February-dated crude added 20 cents, or 0.4%, to settle at $50.83 per barrel.
Gold made a weak recovery today following yesterday's slide prompted by rising U.S. bond yields. Commodity dealers, however, are betting on long-term strength for the precious metal, with a Democratic sweep of congress a good indicator of more government spending to beef up the economy -- a boon for gold prices. February-dated gold added $5, or 0.3% for the day, to settle at $1,913.60 an ounce.