All three indexes bounced back with wins of 3.5% or more
The Dow roared back to life today for an 1,173-point win that erased yesterday's sell-off. The blue-chip index took its cues from the political arena today, after former Vice President Joe Biden surged ahead of Senator Bernie Sanders in the wake of a resoundingly successful Super Tuesday. Wall Street also got a late-afternoon boost after Congress passed over $8 billion in emergency funding for coronavirus relief. The S&P 500 and Nasdaq both finished with big gains as well, and all three benchmarks logged wins of 3.5% or more. Investors also cheered upbeat economic data, helping overshadow, at least for a day, the first reported coronavirus death in California.
Continue reading for more on today's market, including:
- UnitedHealth stock was the big winner on the Dow today.
- Kroger stock nears fresh highs ahead of earnings.
- Plus, a struggling weed stock finds life; behind Dollar Tree's dismal earnings; and Chipotle picks up rare upgrade.
The Dow Jones Industrial Average (DJI - 27,090.86) finished 1,173.45 points, or 4.5% higher for the day. UNH led the charge with a 10.7% gain, while Boeing was at the bottom with a 0.9% win.
The S&P 500 Index (SPX - 3,130.12) gained 126.8 points, or 4.2%, while the Nasdaq Composite (IXIC - 9,018.09) added 334 points, or 3.9%.
The Cboe Volatility Index (VIX - 31.99) shed 4.8%, or 13.1%.
5 Items on Our Radar Today
- Former New York mayor Michael Bloomberg dropped out of the race for the Democratic presidential nomination today. Despite spending over $500 billion in advertising, Bloomberg turned in a poor showing in the Super Tuesday primaries. He has thrown his support behind former vice president Joe Biden, who has taken the delegate lead from Bernie Sanders. (MarketWatch)
- The World Health Organization (WHO) has warned countries that there could be a global shortage and price gauging of medical devices used to combat the coronavirus. The organization has called on companies and governments to up their production of equipment by 40%. (Reuters)
- One analyst brushed off this cannabis company's delayed earnings.
- A forecast cut weighed on Dollar Tree stock today.
- See why one analyst sees four digits ahead for Chipotle stock.
Data courtesy of Trade-Alert
Oil, Gold Pull Back
Oil futures fell today amid reports that the Organization of the Petroleum Exporting Countries (OPEC) was struggling to reach a consensus on the extent of production cuts at their meeting in Vienna, Austria. A smaller-than-expected climb in U.S. crude inventories is also weighing on black gold. April-dated crude shed 40 cents, 0.9%, to trade at $46.78 per barrel.
As U.S. equities rallied today, gold prices took a breather, although the still-low 10-year treasury yield has dulled the pullback. April-delivered gold saw a big rise today, gaining $1.40, or 0.1%, to trade at $1,643 per ounce.