The Dow rallied more than 900 points at the end of the day
As expected, the Federal Reserve raised interest rates by 50 basis points today, which is the biggest hike from the central bank since 2000. In a subsequent press conference, Fed Chair Jerome Powell ruled out a future 75-basis-point hike. Following the news, the Dow settled more than 900 points higher for its best day since November 2020, while the Nasdaq and the S&P 500 scored substantial wins as well, and all three benchmarks logged their third-straight win. Investors are now turning their eyes toward Friday's highly anticipated jobs report.
Continue reading for more on today's market, including:
- This is the best blue chip to own in May.
- Why you should avoid Marriot stock this month.
- Plus, more on Uber's investment losses; unpacking Airbnb's quarterly win; and what's in store for stocks in May.
The Dow Jones Average (DJI - 34,061.06) added 932.3 points, or 2.8% for the day. Every Dow component walked away with a win today, and Honeywell International (HON) led the pack with a 4.5% pop.
The S&P 500 Index (SPX - 4,300.17) rose 124.7 points, or 3% for the day, and the Nasdaq Composite (IXIC - 12,964.86) gained 401.1 points, or 3.2% for the day.
Lastly, the Cboe Market Volatility Index (VIX - 25.42) shed 3.8 points, or 13.1% for the day.
5 Things To Know Today
- While the war rages on, Ukrainian agricultural production as well as Russian food and fertilizer output are vital components to solving global food scarcity, according to U.N. Secretary General Antonio Guterres. (Reuters).
- Following Saturday's White House Correspondents' Association dinner, several people tested positive for Covid-19 -- including one reporter that shook hands with U.S. President Joe Biden. (MarketWatch)
- Uber stock dented by investment losses.
- Blowout quarterly results boosted Airbnb stock.
- Schaeffer's Senior Quantitative Analyst Rocky White breaks down seasonality data.
Oil Prices Rise on EU's Plans to Ditch Russian Crude
Oil prices popped today, after the European Union (EU) moved to phase out Russian oil. In response, June-dated crude added $5.40 or 5.3%, to close at $107.81 per barrel.
Meanwhile, Gold futures inched lower today, following the Fed's interest rate decision. Specifically, June-dated gold fell $1.80 -- less than 0.1% -- to close at at $1,868.80 an ounce.