The Dow struggled between breakeven during the last few hours of trading
Taking focus for today's session were upbeat earnings out of Microsoft (MSFT) and the latest announcement from Federal Reserve Chairman, Jerome Powell, following the committee's two-day meeting. Specifically, Powell suggested interest rate hikes could be expected as soon as March. In response, bank stocks surged, and the Dow struggled between breakeven for much of the last few hours of trading, despite its midday bounce. In the end, the blue-chip and S&P 500 indexes closed in the red, while the tech-heavy Nasdaq managed to inch into the black.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 34,168.09) shed 129.6 points, or 0.4% for the day. MSFT led the gainers today, adding 2.9%, and Boeing (BA) paced the laggards with a 4.8% fall.
The S&P 500 Index (SPX - 4,349.93) moved 6.5 points lower, or 0.2%, while the Nasdaq Composite (IXIC - 13,542.12) inched 2.3 points higher, or 0.02%, for today's session.
Lastly, the CBOE Volatility Index (VIX - 31.96) added 0.8 point, or 2.6% for the day.
- Beginning on May 7 of this year, employers in the state of New York will be required to disclose to new employees if electronic monitoring will be taking place during video calls or virtual discussions. (Bloomberg)
- President Joe Biden will have the opportunity to name a nominee to the Supreme Court, as Justice Stephen Breyer today revealed his coming retirement. This will make Biden able to nominate a black woman, as promised during his presidential campaign. (CNBC)
- Options bears blast Boeing stock after earnings.
- Analyst praises outlook for gambling giant.
- Can this auto technology name bounce back?
Oil Marks Highest Close Since 2014
Russia and Ukraine tensions continue to drive oil prices higher, sending the black gold to its highest close since October 2014. March-dated oil added $1.75, or nearly 2%, to settle at $87.35 per barrel.
On the flip side, gold struggled today, faltering on the heels of Powell's Fed speech, which suggested imminent interest raises. February-dated gold dropped $22.80, or 1.2%, to close at $1,829.70 per ounce.