The Dow is snapping back from its worst week since October 2020
It was a miserable couple of days for the Dow, following the Federal Reserve's decidedly hawkish comments late last week, which released as investors rotated out of reopening and commodity stocks. These sectors staged a strong rally today, and the blue-chip index wound up kicking off a fresh week with a 586-point pop -- marking its biggest one-day jump since early March. The S&P 500 also saw a rebound, with many on Wall Street considering last week's response to the central banks new economic projection overly dramatic. The Nasdaq saw the most muted performance, weighed down slightly by several Big Tech names, but still managed a triple-digit jump on Monday.
Continue reading for more on today's market, including:
- Option bulls bet on a big comeback for United States Steel stock.
- Video game giant primed for a breakout on the charts.
- Plus, a guide to selling options; SAM added to analyst's "best ideas" list; and ZIP hit with bull note.
The Dow Jones Average (DJI - 33,876.97) tacked on 586.9 points, or 1.8% for the day. All 30 Dow members finished in the black. American Express (AXP) saw the biggest jump, adding 4.3%, while Merck & Co (MRK) saw the smallest gain, settling up 0.2%.
Meanwhile, the S&P 500 Index (SPX - 4,224.79) added 58.3 points, or 1.4%. The Nasdaq Composite (IXIC - 14,141.48) added 111.1 points, or 0.8% for the day.
Lastly, the Cboe Volatility Index (VIX - 17.89) dropped 2.8 points, or 13.6%.
- The Biden administration has imposed 46 sanctions on Belarus on Monday, after last month's forced diversion -- which some European Union leaders are calling a "hijacking" -- of a Ryanair flight to arrest opposition Journalist Roman Protasevich. (CNBC)
- Amblin Partners, Steven Spielberg's film and television studio, has entered into an agreement with Netflix (NFLX) to make multiple new movies per calendar year. (MarketWatch)
- A comprehensive guide to selling options for those that want to get their feet wet.
- How Boston Beer's hard seltzer underdog could help carry the company.
- What analysts are pricing in for Ziprecruiter stock one month after going public.
There were no earnings of note today.
Crude Hits Highest Level Since 2018
Oil prices strung together another win today, touching their highest close since 2018. The commodity had a lot going for it today, including the economy's continued recovery, as well as little to no headway on a nuclear deal between the U.S. and Iran. As a result, July-dated crude added $2.02, or 2.8%, to settle at $73.66 per barrel.
Meanwhile, gold prices were also rebounding from last week's sharp pullback, as the rallying U.S. dollar lost some steam. In turn, August-dated gold added $13.90, or 0.8%, to settle at $1,782.90 an ounce, coming back from its worst week in over a year.