The Dow added 338 points today
Stocks held steady on Wednesday, despite the Federal Reserve noting it will soon start to taper the central bank's $120 billion emergency bond-buying program. Some on Wall Street believe that the fact a tapering announcement did not happen today is reflective of the Fed's dovish stance, with officials also voting to keep short-term interest rates close to zero. In turn, the Dow added 338 points, snapping a four-day losing streak while also notching its best day since July. Elsewhere, the S&P 500 and Nasdaq closed firmly in the green as well.
Continue reading for more on today's market, including:
- Call traders bombarded this tech name after a bull note.
- Why outperforming Dynavax stock could surge higher still.
- Plus, 1 analyst brushed off Disney stock's pullback; Adobe stock plummets despite upbeat earnings; and equity offering hurts hotel stock.
The Dow Jones Average (DJI - 34,258.32) added 338.5 points, or 1% for the day. Boeing (BA) paced the gainers with a 4% pop, while UnitedHealth (UNH) fell to the bottom, shedding 0.9%.
The S&P 500 Index (SPX - 4,395.64) rose 41.5 points, or 1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,896.85) jumped 150.5 points, or 1% for the day.
Lastly, the Cboe Volatility Index (VIX - 20.87) fell 3.5 points, or 14.3% for the day.
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As the global tally of Covid-19 infections nears 230 million, U.S. President Joe Biden is set to embrace the goal of vaccinating
70% of the world's population in the next year. (M
arketWatch)
- Solar companies are pleading with the Department of Commerce over tariffs on imports from Malaysia, Vietnam and Thailand, where 80% of panels come from. (CNBC)
- Analyst brushes off Disney stock's latest pullback and production delays.
- How Adobe's close-call revenue overshadowed its earnings beat.
- A multi-million equity offering pushed this hotel stock stock lower today.
Oil Prices Climb as U.S. Supplies Drop
Oil prices were higher on Wednesday, after the Energy Information Administration (EIA) reported lower U.S. crude supplies for the seventh straight week, despite a surprise pop in gasoline stockpiles. Inventories are expected worsen in the coming weeks, as refiners return to the Gulf of Mexico faster than supplies. As a result, November-dated crude added $1.74, or 2.5%, to settle at $72.23 a barrel.
Gold prices logged more modest gains, but continued to climb in electronic trading after the Fed indicated the central bank may taper off bond purchases and hike interest rates in late 2022. December-dated gold rose 60 cents, or 0.03%, to settle at $1,778.80 an ounce before the announcement.