The S&P notched its first back-to-back gains of at least 1% since June 2016
The Dow rallied triple digits for a second straight session, marking its first back-to-back gains in February. A surge in tech stocks helped the index rally more than 400 points, with all but two of the 30 Dow stocks finishing in the black. The S&P and Nasdaq also rebounded following the stock market's worst week since 2016, with materials and industrial stocks gaining after President Donald Trump unveiled his infrastructure plan. In fact, it was the S&P's first consecutive gains of at least 1% since June 2016.
Continue reading for more on today's market, including:
- The signal that called the March 2009 bottom just flashed again.
- How options traders are playing Pepsi stock ahead of earnings tomorrow.
- Analyst: Buy this Dow stock before earnings.
- Plus, 5 retail stocks to buy now; the latest Amazon casualty; and Alibaba's newest partner.
The Dow Jones Industrial Average (DJI - 24,601.27) ended with a gain of 410.4 points, or 1.7%. Apple (AAPL) led the 28 advancing blue chips, gaining 4%, while Home Depot (HD) and General Electric (GE) were the lone Dow stocks in the red, dropping 0.03% and 0.8%, respectively.
The S&P 500 Index (SPX - 2,656.00) added 36.5 points, or 1.4%, on the day. The Nasdaq Composite (IXIC - 6,981.96) rallied 107.5 points, or 1.6%, by the closing bell.
The CBOE Volatility Index (VIX - 25.61) gave up 3.5 points, or 11.9%, for its lowest close since Feb. 2. Wall Street's "fear gauge" is now down about 50% from its two-year high above 50, touched on Feb. 6.
5 Items on Our Radar Today
- Apple's HomePod was released last week, but Consumer Reports isn't impressed with the audio. In a recent review, the HomePod's bass was "a bit boomy and overemphasized," and the device was beaten by Alphabet's Google Home Max and the Sonos One in overall sound quality. (MarketWatch)
- Purdue Pharma will no longer promote its OxyContin drug to healthcare professionals, starting today, due to the nationwide opioid epidemic. The privately held drugmaker is also cutting its sales staff. (USA Today)
- Cowen: Buy these 5 retail stocks right now.
- The latest victim of Amazon (AMZN) expansion.
- The big-cap partnership that boosted Alibaba (BABA) stock today.
Data courtesy of Trade-Alert
Gold Enjoys Best Day in 2 Weeks
Oil prices briefly climbed atop $60 per barrel, but ultimately pared their gains into the close. March-dated crude futures finished with a gain of 9 cents at $59.29 per barrel, after the Energy Information Administration (EIA) predicted increased domestic oil production next month.
Gold enjoyed its best day in over two weeks, thanks to a weaker dollar. April-dated gold futures advanced $10.70, or 0.8%, to settle at $1,326.40 an ounce.