All three major benchmarks extended yesterday's rally
The major indexes extended yesterday's rebound this afternoon, moving higher in the last hour of trading after a shaky afternoon. The Dow finished 193 points higher, while the S&P 500 and Nasdaq closed firmly in the black as well. Hawkish comments from Federal Reserve Chairman Jerome Powell were in focus, as well as the European Central Bank's (ECB) decision to hike interest rates by 75 basis points.
In other news, Upbeat initial jobless data for last week showed claims falling to their lowest level since May, while U.S. consumer credit rose to an annual rate of 6.2% in July, which is down from the previous month's 10.2%.
Continue reading for more on today's market, including:
- Why tumbling Tyson Foods stock is due for a bounce.
- Asana stock surges after record revenue.
- Plus, analyst turns bearish on ULCC; 2 stocks hit with upgrades.
The Dow Jones Average (DJI - 31,774.52) added 193.2 points, or 0.6% for the day. Salesforce.com (CRM) paced the winners with a 2.3% rise, while 3M (MMM) landed at the bottom of the list with a 1.2% drop.
The S&P 500 Index (SPX - 4,006.18) tacked on 26.3 points, or 0.7% for the day, while the Nasdaq Composite (IXIC -11,862.13) added 70.2 points, or 0.6%.
Lastly, the Cboe Volatility Index (VIX - 23.61) shed 1 point, or 4.2% for today's session.
5 Things to Know Today
- Buckingham Palace today announced the death of Queen Elizabeth II, Britain's longest-reigning monarch. The next in line for the British throne was her eldest child, Charles the Prince of Wales, who directly became the King of England. (MarketWatch)
- The deadline to avoid a national rail strike is coming up on Sept. 16, the economic impact of which could be more than $2 billion a day. (CNBC)
- Discount airliner lower on analyst downgrade.
- Options bulls target Moderna stock after upgrade.
- Analyst still sees climate bill tailwinds for solar stock.
Oil Makes a Rebound
Oil prices climbed today, following yesterday's lowest settlement for a front-month contract since Jan. 11. The black gold also shrugged off the hefty increase in oil supply over the last week. October-dated crude rose $1.60, or nearly 2%, to settle at $83.54 a barrel on the New York Mercantile Exchange.
Gold futures pulled back today, after Powell's comments as well as the ECB's interest rate decision. December-dated gold fell by $7.60, or 0.4%, to settle at $1,720.20 per ounce.