Some much needed optimism was reintroduced on Wall Street today, after several key pieces of economic data suggested that inflation might be starting to cool. A smaller-than-expected increase in average hourly wages paired with a contraction in the ISM's non manufacturing Purchasing Managers' Index (PMI) has many investors more confident in the Federal Reserve's efforts to beat back inflation and slow the economy.
In response, the Dow added 700 points, while the S&P 500 and Nasdaq both added over 2% for the day. For the week, all three major indexes managed to score wins as well.
Continue reading for more on today's market, including:
- Can Costco's strong December sales give the stock a boost?
- This pharma name is a Schaeffer's favorite in 2023.
- Plus, a BBBY bankruptcy update; STZ hit with bear notes; and 3 solar stocks getting upgrades.
5 Things to Know Today
- The U.S. House of Representatives failed to elect a new speaker today, its fourth day of voting and the longest the chamber has gone leaderless in a century. (CNBC)
- The flight cancellations Southwest (LUV) saw during December could wind up costing the airline up to $825 million. (MarketWatch)
- What to know about Bed Bath & Beyond's bankruptcy drama.
- How Wall Street responded to Constellation's corporate earnings.
- Why Wells Fargo is upgrading the solar sector.
There are no earnings of note today.
Gold Logs Third Weekly Win
While oil saw a slight daily win, the commodity dropped for the week, marking its first weekly loss in a month. West Texas Intermediate (WTI) crude for the now most active February delivery, added 10 cents, or 0.1%, to settle at $73.77 per barrel, though it shed 8.1% for the week.
A "Goldilocks" jobs report sent gold prices higher once more, allowing the precious metal to log its third-consecutive weekly gain. February-dated gold added $29.10, or 1.6%, to settle at $1,869.70 per ounce. For the week, it rose 2.4%.