The Dow reversed its losses to log a nearly 600-point win on Wednesday
Stocks continued to climb on Wednesday, with all three major indexes logging notable rebounds off yesterday's rout. The Dow settled nearly 600 points higher, while the Nasdaq also clocked a triple-digit pop. The S&P 500 joined in, bouncing back after two days of losses, even as energy prices continued to skyrocket. Meanwhile, Federal Reserve Chairman Jerome Powell testified before Congress, noting in his semiannual monetary policy update that interest rate hikes will most likely commence in March, regardless of uncertainty surrounding the conflict between Russia and Ukraine. Bank stocks also saw a bounce, as bond yields jumped higher, including the 10-year Treasury yield which erased yesterday's losses with a near 1.86% gain today.
Continue reading for more on today's market, including:
- What options traders are expecting for American Eagle stock before earnings.
- Why this farm equipment stock should be avoided in March.
- Plus, why buy LOGI on the dip; JWN's post-earnings pop; and Ford Motors shared EV update.
The Dow Jones Average (DJI - 33,891.35) added 596.4 points, or 1.8% for the day. Caterpilla (CAT) led the gainers with a 5.4% jump, while Visa (V) was the only loser with a 0.2% drop.
The S&P 500 Index (SPX - 4,386.54) added 80.3 points, or 1.9% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,752.02) gained 219.6 points, or 1.6% for today's session.
Lastly, the Cboe Market Volatility Index (VIX - 30.74) lost 2.6 points, or 7.7% for the day.
5 Things To Know Today
- Uber Technologies (UBER) announced that it will be offering free rides between the Ukrainian and Polish borders, as well as rides to some Polish cities in an effort to support Ukrainian refugees and workers. (CNBC)
- Another tech leader, Apple (AAPL), has temporarily halted sales in Russia as Big Tech companies are being called to sanction the country. (MarketWatch)
- Logitech stock's pullback provides an attractive entry point.
- The retail stock that shot higher after a beat-and-raise.
- Behind Ford Motors' latest EV update.
Oil Prices Keep Climbing, Mark Highest Settlement in Over a Decade
While stocks recovered today, the oil rally shows no signs of slowing down, tacking on its third-straight win and hitting its highest settlement since May 2011. In addition to the ongoing Russia-Ukraine conflict, new data from the Energy Information Administration (EIA) stoked fears over supply constriction today, pushing prices even higher. The organization shared declines in U.S. crude, gasoline and distillate supplies for the week. Meanwhile, Organization of the Petroleum Exporting Countries and their allies (OPEC+) announced it will stay the course with its original plan of gradual output releases. In response, April-dated crude rose $7.19, or 7%, to settle at $110.60 per barrel for the day.
Gold prices took a breather after hitting a 13-month high yesterday. April-dated gold shed $21.50, or 1.1%, to finish at $1,922.30 per ounce as the possible resumption of talks between Russia and Ukraine helped quell investors' fears slightly, leading them away from the "haven" commodity.