Stocks snapped back to resume their rally on Tuesday as investors continued to digest Federal Reserve Chairman Jerome Powell's interest rate comments and the possibility of aggressive hikes in the federal funds rate. The Dow added 254 points, led higher by Nike's (NKE) impressive earnings release, while the S&P 500 and Nasdaq also settled notably in the black.
Continue reading for more on today's market, including:
- Goldman Sachs said this tobacco concern has a leg up on the competition.
- Ford stock looks ready for its second wind.
- Plus, why LOVE could be a safe bet for bulls; what to know about STZ right now; and UPST's downgrade.
The Dow Jones Average (DJI - 34,807.46) added 254.5 points, or 0.7% for the day. Boeing (BA) led the gainers with a 2.8% gain, while Johnson & Johnson (JNJ) paced laggards with a 0.5% drop.
The S&P 500 Index (SPX - 4,4511.61) added 50.4 points for the day, or 1.1%, while the Nasdaq Composite (IXIC - 14,108.82) rose 270.4 points, or almost 2% in today's session.
Lastly, the Cboe Market Volatility Index (VIX - 22.94) lost 0.6 point, or 2.5% for the day.
5 Things To Know Today
- U.S. President Joe Biden promised more upcoming sanctions on Russia during his trip to Europe later this week. (MarketWatch)
- The average rate on the popular 30-year fixed mortgage surged to 4.72%. According to Mortgage News Daily, this represents a rise of 26 basis points since Friday. (CNBC)
- Lovesac stock could be a good low-risk pick for bulls.
- What investors should know before buying Constellation Brands stock.
- The cloud-based lending stock that just got an analyst downgrade.
Oil Cools From 2-Week Highs
Oil cooled from yesterday's nearly two-week high, with investors mulling over the possibility of a European ban on Russian oil. For the day, April-dated crude lost 36 cents or 0.3%, to settle at $111.76 per barrel.
Powell's comments yesterday weighed on gold prices, which fell on Tuesday. April-dated gold shed $8.00 or 0.4%, to settle at $1,921.50 per ounce for today.