The VIX snapped a three-day win streak
Stocks rallied on Wednesday, as House Speaker Kevin McCarthy and President Joe Biden seemed to make progress on U.S. debt ceiling talks, with McCarthy noting a deal could happen by the end of the week. Also boosting investor sentiment was a rebound in bank stocks. The Dow rose 408 points, with both the S&P 500 and Nasdaq settling firmly higher as well. Meanwhile, the Cboe Volatility Index (VIX) snapped a three-day win streak.
Continue reading for more on today's market, including:
Things to Know Today
- Pfizer (PFE) will raise $31 billion in a debt offering to fund its Seagen (SGEN) buyout, per a new filing with the Securities and Exchange Commission (SEC). (CNBC)
- The United Nations weather organization said there's an over 60% chance Earth temperatures will hit a key climate marker in the next five years. (MarketWatch)
- Wix.com stock brushed off two price-target hikes today.
- Electric vehicle name reveals $125 million public offering.
- C3.ai stock surged on upbeat preliminary quarterly results.
Gold, Oil Settle on Opposite Sides
Oil prices finished higher on Wednesday, as investors turned optimistic about energy demand and the overall economic backdrop amid progress on U.S. debt ceiling talks. June-dated crude added $1.97, or 2.8%, to close at $72.83 per barrel.
Meanwhile, gold prices settled at a seven-week low as the U.S. dollar strengthened and traders eyed interest rates. June-dated gold fell $8.10, or 0.4%, to close at $1,984.90 an ounce.