The Dow added 506 points today
The Dow continued to charge higher in the afternoon hours to finish the session up 506 points, and is now on track to snap a three-week losing streak. Contributing to the blue-chip benchmark's impressive comeback was the U.S. Federal Reserve's decision to wait a little longer before tapering economic stimulus, though officials warned the move will be coming soon. News that China Evergrande Group paid a local bond on Wednesday also eased fears, though it remains to be seen whether or not it will pay an $83 million U.S. dollar-denominated bond. Elsewhere, the tech-heavy Nasdaq and the S&P 500 settled comfortably in the black as well, with both also turning positive for the week.
Continue reading for more on today's market, including:
- Options bulls rushed Roku stock after a lofty upgrade.
- Why this mining stock looks poised for fresh highs.
- Plus, NortonLifeLock stock looks poised to surge; raised full-year forecast boosts software name; and KBH brushes off an earnings miss.
The Dow Jones Average (DJI - 34,764.82) added 506.5 points, or 1.5% for the day. Salesforce.com (CRM) paced the gainers with a 7.2% pop, while Coca-Cola (KO) fell to the bottom, shedding 0.2%.
The S&P 500 Index (SPX - 4,448.98) rose 53.3 points, or 1.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 15,052.24) jumped 155.4 points, or 1% for the day.
Lastly, the Cboe Volatility Index (VIX - 18.63) fell 2.2 points, or 10.7% for the day.
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Plug Power (PLUG) stock surged after Piper Sandler said now is the
time to buy, citing "tremendous forward momentum" on its green hydrogen plan. (M
arketWatch)
- Facebook (FB) executive Antigone Davis will testify at a Senate hearing after the Wall Street Journal reported the company's internal research showed Instagram harms teens' mental health. (CNBC)
- NortonLifeLock stock could see another rally after flashing a bull signal.
- A raised full-year 2022 revenue forecast pushed this software name higher.
- Mixed analyst sentiment and an earnings miss could not stop KB Home stock.
Oil Notches Best Level in Months as Gold Plummets
Oil prices settled at their highest level since July on Thursday. The commodity is still enjoying a boost from lower U.S. crude supplies, while investors eyed a massive storm that could develop into a hurricane over the Atlantic, though its path remains uncertain. In response, November-dated crude added $1.07, or 1.5%, to settle at $73.30 a barrel.
Meanwhile, gold prices fell to their lowest level in more than six weeks. The safe-haven asset took a hit after investor confidence grew following the U.S. Federal Reserve's two-day meeting, and fears surrounding China Evergrande Group's crisis eased. News that sentiment is turning hawkish within the Bank of England (BoE) did not help matters. In turn, December-dated gold fell $29, or 1.6%, to settle at $1,749.80 an ounce.