The Dow shed some of its earlier gains as Pro-Trump domestic terrorists stormed the Capitol
The Dow ended the day up over 400 points and scored yet another record close. The possibility of Democrats sweeping the Georgia runoff election -- a possibility that was then certified after the bell -- gave investors hope for additional emergency stimulus, while news that the 10-year Treasury note yield topped 1% for the first time since March, also fueled Wall Street's optimism. The S&P 500 finished the day with a modest win and an intraday record high of its own, while the Nasdaq settled in the red.
Curbing some of these gains -- the Dow was up over 600 points at its session highs -- were reports in the late afternoon that supporters of President Donald Trump stormed the Capitol as lawmakers began to count the Electoral College votes that formally declared President-elect Joe Biden victorious. President Trump has yet to publicly condemn the mob of domestic terrorists or call for them to stand down. Amidst the Capitol chaos, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), spiked before ultimately settling lower.
Continue reading for more on today's market, including:
- How traders quadrupled their profits with our recommended CPRI call.
- The finance giant Schaeffer's is calling a "must buy" this year.
- Plus, one restaurant stock for bulls to watch; BAC gets analyst attention; and UnitedHealth's latest acquisition.
The Dow Jones Industrial Average (DJI - 30,829.40) added 437.8 points, or 1.4% on Wednesday. Twenty-three of the blue-chip components saw gains for the day, with Caterpillar (CAT) leading the charge with a 5.6% pop. Apple (AAPL), meanwhile fell to the bottom of the seven losers on a 3.4% dip.
Meanwhile, the S&P 500 Index (SPX - 3,748.14) tacked on 21.3 points, or 0.6% and the Nasdaq Composite (IXIC - 12,740.8) lost 78.2 points, or 0.6%.
Lastly, the Cboe Volatility Index (VIX - 25.07) lost 0.3 point, or 1.1%.
- The New York Stock Exchange (NYSE) rescinded its decision not to delist Chinese telecom stocks China Mobile (CHL), China Telecom Corp (CHA), and China Unicom (Hong Kong) Ltd. (CHUFF). The stocks plummeted following the decision reversal. (MarketWatch)
- It looks like a $15 federal minimum wage is likely to be passed, following today's runoff election, with Democrats Rev. Raphael Warnock and Jon Ossoff -- supporters of lifting minimum wage from $7.25 to $15 -- projected to win the Georgia U.S. Senate runoff election. (CNBC)
- The restaurant stock bulls should be gobbling up right now.
- Bank of America stock got a boost on a bull note amid election buzz.
- The M&A headlines sending UNH lower.
Oil Pushes Past $50 Mark for First Time Since March
Oil kept climbing today after U.S. crude inventories posted their fourth straight decline, and Saudi Arabia agreed to cut output by an additional 1 million barrels, beginning in February. February-dated crude added 70 cents, or 1.4%, to settle at $50.63 per barrel, marking the commodity's first close atop the $50 moving average in 11 months.
Gold weakened today, as investors turned away from the safe haven to focus on the 10-year Treasury yield note, which hit an 11-month high today. February-dated gold lost $45.80, or 2.3% for the day, to settle at $1,908.60 an ounce, reversing course from yesterday's two-week high.