The Dow closed 53 points higher
The Dow closed 53 points higher today as strong bank earnings boosted sentiment, and earlier touched an intraday high before trimming its gains. On the other hand, the Nasdaq fell triple digits as Big Tech sank, while the S&P 500 pulled back from its own record peak to close in the red as well. Elsewhere, the Federal Reserve's "Beige Book" survey pointed to economic recovery, but also an uptick in inflation. Meanwhile, Coinbase (COIN) has garnered plenty of attention today with its Nasdaq debut.
Continue reading for more on today's market, including:
- Goldman Sachs' stellar earnings led the charge today.
- Check out this week's Schaeffer's Market Mashup, featuring Leigh Drogen: founder and CEO of Estimize Inc.
- Plus, airline concern jumps on upgrade; the oil name bouncing back; and STLD's solid run higher.
The Dow Jones Industrial Average (DJI - 33,730.89) rose 53.6 points, or 0.2% for the day. Goldman Sachs (GS) topped the list of blue chips, adding 2.3%, while JPMorgan Chase (JPM) dropped to the bottom after shedding 1.9%.
Meanwhile, the S&P 500 Index (SPX - 4,124.66) lost 16.9 points, or 0.4%, for the day, and the Nasdaq Composite (IXIC - 13,857.84) dropped 138.3 points, or 1%.
Lastly, the Cboe Volatility Index (VIX - 16.99) added 0.3 point, or 2%, for the day.
- Walmart, which currently employs around 1.6 million people in the U.S., announced that they will make two-thirds of their hourly store roles full-time by the end of the current fiscal year. (CNBC)
- Hedge funds, particularly cryptocurrency, have had a very strong start to the year. However, there is some speculation as to whether or not it will last.(MarketWatch)
- JetBlue Airways stock has been slowly accumulating bull notes.
- Analyst upgrades oil stock on current valuation.
- Will this steel giant keep up its winning earnings streak?
Oil Climbs on Hints of Higher Demand
Oil futures closed higher for a third-straight session and marked a nearly four-week high, after an update from the International Energy Agency (IEA) expecting higher global oil demand this year, as well as a drop in crude supplies for last week. May-dated crude rose $2.97, or 4.9%, to settle at $63.15 a barrel.
Gold futures fell today amid rising bond yields and the aformentioned "Beige Book" data. June-dated gold fell $11.30, or 0.7%, to settle at $1,736.30 an ounce.