Oil prices had a huge day
Stocks rallied today, taking their cue from a surge in oil prices following President Donald Trump's decision to pull the U.S. from the Iran nuclear deal. Thanks to a strong second-half push, the Dow closed the day well into triple-digit-gain territory, overcoming Walt Disney's (DIS) weak earnings reaction and Walmart's (WMT) M&A-related sell-off. For economic data, traders also took in the latest inflation update. The VIX, meanwhile, took a hit during the risk-on session, closing at its lowest point since Jan. 26.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 24,542.54) rallied in the second half of the day, to a 182.3-point, or 0.8%, win. DowDuPont (DWDP) paced the 23 Dow winners with a 2.8% advance, and the biggest of the seven losers was WMT, which fell 3.1%.
The S&P 500 Index (SPX - 2,697.79) rose 25.9 points, or 1%, while the Nasdaq Composite (IXIC - 7,339.91) added 73 points, or 1%.
The Cboe Volatility Index (VIX - 14.42) fell 1.3 points, or 8.8%.
5 Items on Our Radar Today
- The Centers for Disease Control (CDC) today updated its numbers on the E. coli outbreak that's spread through multiple states. According to the agency's numbers, another 28 people have been affected, bringing the total to 149. Tainted romaine lettuce is the cause for the outbreak. (USA Today)
- China's ZTE Corp is shutting down its primary business, due to the recent ban imposed on its operations from the U.S government. The company is hoping the ban will be modified or reversed, however. (Reuters)
- 3 charts saying sell stocks now.
- Wall Street applauded Facebook's blockchain announcement.
- The stock that soared 20% on an Amazon partnership.
Data courtesy of Trade-Alert
Gold Logs Third Straight Loss
Aside from the U.S. pulling from the Iran deal, a surprisingly large drop in domestic crude inventories also gave oil prices a boost. By the close, June-dated crude futures were up $2.08, or 3%, at $71.14 per barrel.
The risk-on session for stocks resulted in a third straight down day for gold prices. Gold set for June delivery gave back 70 cents, or 0.05%, to close at $1,313 per ounce.