Gold prices briefly topped $2,000 today
The Dow added 141 points on Thursday, completing a V-shaped recovery after briefly dipping into negative territory earlier in the session. The S&P 500 scored a solid win as well, settling at its highest level since Feb. 17, while the Nasdaq closed above the psychologically-significant 12,000 level.
Encouraging jobless claims have traders optimistic the Federal Reserve will stick to its plan of slowing the pace of interest rate hikes. Elsewhere, the Cboe Volatility Index (VIX) marked its fifth-straight loss and lowest close since March 6.
Continue reading for more on today's market, including:
- IBM stock facing off historically bearish trendline.
- These 3 stocks were a hit with options traders.
- Plus, EV stock on the rise; bull note for WMT; and a bank stock in trouble.
5 Things to Know Today
- Ford Motor (F) hiked prices of its F-150 Lightning electric pickup truck as production resumes after a battery in one of its completed trucks recently caught fire. (CNBC)
- Bed Bath & Beyond (BBBY) stock hit a record low after warning of a big sales miss and announcing a large “at-the-market” common stock offering .(MarketWatch)
- Impressive quarterly revenue boosted this EV stock.
- Analyst: Multiple tailwinds blowing for Walmart stock.
- Charles Schwab stock downgraded on recovery timeline.
Big Day for Gold, Oil Prices
Oil futures pivoted higher on Thursday to settle at their highest level in more than two weeks. Stronger global demand as maintenance season for oil refiners comes to an end boosted black gold today. May-dated crude added $1.40, or 1.9%, to close at $74.37 per barrel.
Gold prices rallied as well, notching their highest close in more than 12 months after briefly topping $2,000. The safe-haven metal surged amid the prospect of lower interest rates expectations, a weaker U.S. dollar, and strong demand in China. June-dated gold rose $13.20, or 0.7%, to settle at $1,997.70 per ounce.