The Dow added 560 points today
Stocks bounced back in a big way on Tuesday, with all three major indexes logging their first win in four sessions. The Dow added 560 points, thanks in part to blowout earnings from retail giant Nike (NKE). The S&P 500 and tech-heavy Nasdaq also notched sizable wins of their own, as investors returned to the battered travel and entertainment sectors.
President Joe Biden addressed the nation today, as Covid-19 infections climb ahead of the holidays, urging Americans to get their booster shot while assuring the public that the country was not reverting to 2020 lockdown measures.
Continue reading for more on today's market, including:
- Another red-hot chip stock to watch.
- Diving deeper into Nike stock's earnings beat.
- Plus, bull notes galore for Micron; a soaring biotech stock; and Rocket stock's bounce from record lows.
The Dow Jones Average (DJI - 35,492.70) rose 560.5 points, or 1.6% for the day. Nike (NKE) led the gainers, adding 6.2%, while Merck (MRK) paced the laggards with a 1.1% fall.
The S&P 500 Index (SPX - 4,649.23) added 81.2 points, or 1.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 15,341.09) jumped 360.1 points, or 2.4% for the day.
Lastly, the CBOE Volatility Index (VIX - 21.01) shed 1.9 points, or 8.1% for the day.
- Credit Suisse said it now sees "considerable" risk that the U.S. as well as Europe will not be able to avoid “stringent” Covid-19 lockdowns this winter. (MarketWatch)
- The U.S. Secret Service said criminals have stolen almost $100 billion in pandemic relief funds. Over $2.3 billion in funds were recovered, with more than 100 suspects arrested. (CNBC)
- Micron Technology's beat-and-raise attracted bull notes.
- Social media traders eyed this biopharmaceutical stock today.
- How an acquisition helped Rocket stock rise from record lows.
Gold Prices Settle Lower as Stocks Bounce Back
Oil prices settled higher on Tuesday, as black gold staged a mini comeback from its omicron-induced selloff, and traders pushed their Covid-19 anxieties to the side. As a result, February-dated crude jumped $2.65, or 3.9%, to finish at $71.26 per barrel.
Gold prices reversed earlier gains to settle lower, notching a second-straight loss and moving away from the psychologically significant $1,800 level. Contributing to the safe haven metal's pullback was the rising 10-year Treasury yield. In turn, February-dated gold shaved $5.90, or 0.3%, to close at $1,788.70 per ounce.