Oil marked its sixth-straight daily gain
The Dow ended the day with a modest 60-point pop, climbing into the black thanks to bank stocks, after a day spent waffling at breakeven. The S&P 500 and Nasdaq Composite also wound up staging mini rebounds near the end of today's session, as optimism over a potential post-coronavirus economic recovery overshadowed rising interest rates. Elsewhere, valuation concerns are still weighing heavy on investors' minds, and many big tech names -- including Facebook (FB) and Alphabet (GOOGL) --took a breather, with Wall Street approaching the fast-growing sector with newly found caution.
Continue reading for more on today's market, including:
- Banking giant nabbed fresh three-year highs ahead of its fourth-quarter earnings.
- Twitter isn't done cracking down on some users' accounts just yet.
- Plus, DAR poised for more record highs; the energy stock hitting rock bottom; and a primer in commodity options.
The Dow Jones Industrial Average (DJI - 31,068.69) added 60 points, or 0.2% on Tuesday. Sixteen of the index members settled higher, with Dow (DOW) rising to the top with a 3.7% gain, while Merck & Co (MRK) paced the 14 losers with a 2.2% drop.
Meanwhile, the S&P 500 Index (SPX - 3,801.19) was up 1.6 point or 0.04%, and the Nasdaq Composite (IXIC - 13,072.43) tacked on 36 points, or 0.3%.
Lastly, the Cboe Volatility Index (VIX - 23.33) lost 0.8 point, or 3.1%.
- The Center for Disease and Prevention (CDC) just extended its Covid-19 vaccination guidelines to extend eligibility to anyone 65 and older. Those with comorbid conditions, like diabetes, will also be eligible for the vaccine. (CNBC)
- Disney (DIS) said its Walt Disney World theme park would be getting rid of its "Magical Express" service -- a free shuttle bus that charted guests to and from Orlando International Airport -- starting in 2022. The park will also eliminate its "Extra Magic Hours" feature, which allowed Disney hotel guests to enter the park earlier than other visitors. (MarketWatch)
- Surging food stock could be headed toward even more record highs.
- Has this energy stock hit rock bottom?
- Why traders might want to consider trading commodity options.
There were no earnings of note today.
Oil Touches Pre-Pandemic Levels, Gold Flounders
Oil settled at its highest level since late-February, strengthening on the back of a weakening U.S. dollar, and last week's production cuts by Saudi Arabia. February-dated crude added 96 cents, or 1.8%, to settle at $53.21 per barrel, marking its sixth-straight daily gain.
Gold gave back its earlier gains to end with a marginal loss. February-dated gold shed, $6.60 or 0.4%, to settle at $1,844.20 an ounce, dropping as investors hopes over additional stimulus took attention away from the precious metal. Meanwhile, some are looking at the $1,800 mark as a key level to watch, predicting a bearish trend, should the commodity breach this level.