Dow Nabs 278-Point Pop Despite Delta Worries

Stabilizing bond yields helped the Nasdaq make a comeback

Assistant Editor
Aug 3, 2021 at 4:27 PM
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The major benchmarks ended today's session higher, despite increased fears regarding the Delta Covid-19 variant. Bank and industrials names propped up the broader market, though lackluster gains from "reopening plays" remain a story. The Dow closed with a 278-point pop, its best single-session gain since July 21.

The S&P 500 and Nasdaq also finished in the black, with the former notching a record close and the latter pulling off an impressive late-day comeback as the 10-year Treasury yield stabilized after falling near five-month lows. Elsewhere, the Cboe Volatility Index (VIX), Wall Street's "fear gauge," shed all of yesterday's gains to finish 9% lower. 

Continue reading for more on today's market, including:

  • Fresh highs for Eli Lilly stock after earnings.
  • Call traders respond to Cheesecake Factory's earnings report.
  • Plus, options bulls blast UAA; more on BP's big dividend hike; and a rough day for Take-Two interactive.

The Dow Jones Average (DJI - 35,116.40) rose 278.2 points, or 0.8% for the day. IBM (IBM) topped the long list of Dow winners today, adding 1.9%, while Walt Disney (DIS) paced the five laggards with a 1.5% dip.

The S&P 500 Index (SPX - 4,423.15) gained 36 points, or 0.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,761.30) added 80.2 points, or 0.6%, for the day. 

Lastly, the Cboe Volatility Index (VIX - 18.04) shed 1.4 point, or 7.3%, for the day. 

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  1. Bill de Blasio, New York City's Mayor, plans to mandate vaccines for a range of indoor venues. (CNBC)
  2. The Securities and Exchange Commission's (SEC) chairman Gary Gensler today warned of issues surrounding cryptocurrencies, and said that new regulations are necessary. (MarketWatch)
  3. Options bulls reacted to Under Armour's top-line beat. 
  4. BP stock soared after the company hiked its dividend payments.
  5. This video game stock fell following a weak forecast.

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Oil Continues to Pullback Amid Delta Variant Fears

Oil prices continued to retreat in volatile fashion today, as investors' fears regarding rising cases of the Delta Covid-19 variant took their toll on black gold. Lower U.S. inventories, meanwhile, helped keep more substantial losses at bay. As a result, September-dated crude fell 70 cents, or 1%, to settle at $70.56 a barrel.

The Delta variant and weaker bond yields also kept gold prices afloat today, though cautionary comments regarding this week's jobs data kept bullion on a tight leash. December-dated gold, the most active contract, added $8.10, or 0.4%, to settle at $1,814.10 an ounce. 

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