The Dow added 236 points today
The Dow extended its rebound to score 236 points on Wednesday, as Wall Street attempts to shake off the September doldrums. Both the S&P 500 and Nasdaq rallied alongside the blue-chip index to score solid wins. Boosting investor sentiment was a better-than-expected Empire State index, which is an indicator of manufacturing activity in the New York region. The three major benchmarks are still pacing for monthly losses, however, with the Dow off nearly 1.4%, while the S&P 500 could have its worst month since October 2020.
Continue reading for more on today's market, including:
- Wall Street newbie attracts fresh bullish coverage.
- Why Novavax stock looks ready to stage a rebound.
- Plus, gambling stocks take a hit; unpacking Microsoft's stock buyback program; and what's boosting SAGE.
The Dow Jones Average (DJI - 34,814.39) added 236.8 points, or 0.7%. Walgreens Boots Alliance (WBA) led the winners with a 3.9% pop, while Cisco Systems (CSCO) and Nike (NKE) fell to the bottom, each shedding 0.5%.
The S&P 500 Index (SPX - 4,480.70) rose 37.7 points, or 0.9%, while the Nasdaq Composite (IXIC -15,161.53) jumped 123.8 points, or 0.8%.
Lastly, the Cboe Volatility Index (VIX - 18.18) fell 1.3 point, or 6.6%.
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U.S. Securities and Exchange Commission (SEC) chair Gary Gensler defended in an interview GameStop (GME) investors’ right to
squeeze short sellers. (M
arketWatch)
- Staff at the Food and Drug Administration (FDA) did not take a stance on booster shots of Pfizer's Covid-19 vaccine, citing unverified available data. (CNBC)
- Talks of new regulations in China sent these gambling stocks tumbling.
- Microsoft stock neared records after announcing a buyback program.
- Fast-track designation helped this therapeutics stock climb higher.
Oil Settles at Highest Level Since July on Lower Crude Supplies
Oil prices settled at their highest level since late July on Wednesday, after new data from the Energy Information Administration (EIA) showed an over 6 million-barrel drop in U.S. crude supplies for the week. In response, October-dated crude added $2.15 to settle at $72.61 a barrel.
Meanwhile, gold prices settled lower, giving back most of the previous session's gains. The metal is expected to continue to trade sideways until next week's Federal Reserve meeting, which could give more clues as to a timeline for tapering stimulus. As a result, December-dated gold fell $12.30, or 0.7%, to settle at $1,794.80 an ounce.