The Dow rose more than 460 points today
After a tumultuous week, Wall Street's midday rally held strong through the closing bell. The Dow added 466 points -- snapping a six-day losing streak -- but still logging a seventh-consecutive weekly loss. Investors helped steer the S&P 500 away from bear market territory and it closed with a substantial win today, while the tech-heavy Nasdaq added triple-digits to score its best session since late February. Both indexes, however, nabbed their sixth-consecutive weekly dip. Elsewhere, the Cboe Market Volatility Index (VIX) locked in its second-straight week of losses.
Continue reading for more on today's market, including:
- Second-hand clothing stock that just brushed off bear notes.
- Wait to buy this dip on this this retail name.
- Plus, Schaeffer's latest podcast episode; why Twitter stock took a dive; and crypto exchange founder takes stake in online brokerage.
The Dow Jones Average (DJI - 32,196.66) added 466.4 points, or 1.5% today, but lost 2.1% for the week. Nike (NKE) led the long list of Dow winners today, adding 4.7%, while Johnson & Johnson (JNJ) paced the five laggards with a 0.6% drop.
The S&P 500 Index (SPX - 4,023.89) gained 93.8 points, or 2.4% for the day, while the Nasdaq Composite (IXIC - 11,805.00) tacked on 434 points, or 3.8% for the session. The indexes shed 2.4% and 2.8%, respectively, this week.
Lastly, the Cboe Market Volatility Index (VIX - 28.87) lost 2.9 points, or 9.1%, and 4.2% this week.
5 Things to Know Today
- Despite bipartisan support from Senate Democrat and Republican leaders, Senator Rand Paul stymied the release of $40 billion in aid to Ukraine. (Reuters)
- A leading House Democrat has asked U.S. President Joe Biden to replace IRS Commissioner Charles Rettig, after the controversial destruction of data. (CNBC)
- Schaeffer's Market Mashup features Jermal Chandler from tastytrade in this week's episode.
- Why Elon Musk paused his purchase of Twitter.
- This online brokerage stock popped after investor stake.
Gold Prices Crater to 14-Week Low
Gasoline prices continue to skyrocket, with just a few weeks until the summer driving season kicks off. Oil added 0.7% for the week, and for today's session June-dated crude jumped $4.36, or 4.1%, to settle at $110.49 per barrel
Gold futures, meanwhile, hit a 14-week low to close out another volatile week on Wall Street, locking in its fourth-straight week of losses. The U.S. dollar's recent surge weighed on bullion, as investors continue to hedge against inflation. In response, June-dated gold shed $16.40, or 0.9%, to settle at at $1,808.20 an ounce. The yellow metal dropped 3.9% this week -- its worst five-day performance since June 2021.