The blue-chip index climbed briefly higher before ending the day in the red
With the exception of the Dow, stocks were mostly able to shake off Wednesday's static trading to finish the day with solid gains, as Wall Street weighed sliding interest rates against surging pandemic numbers, and the turmoil brewing in Washington. After days of sitting near its March highs, the benchmark 10-year note yield shed over 6 basis points to 1.1%, while the 30-year bond yield also dropped.
The Dow tried to come back near the end of the session, propped up on an unexpected surge from index-member Intel (INTC), following news of its CEO's resignation. The blue-chip index eventually pared these gains, however, to settle just south of breakeven. The headlines gave the tech-heavy Nasdaq Composite a boost as well, while the S&P 500 also finished the session with a win.
Also making headlines is this afternoon's vote to impeach President Donald Trump, which was passed by the House just before 4:30PM EST, making Trump the first ever president to be impeached twice.
Continue reading for more on today's market, including:
- The streaming stock to nab a lofty bull note from Nielsen.
- Urban Outfitter's dim holiday sales created a buzz among bears.
- Plus, why PTON could be a good resolution for bulls; Visa nabs slew of bull notes; and breaking down Lowe's new "Total Home" approach.
The Dow Jones Industrial Average (DJI - 31,060.47) lost 8.2 points, or 0.03% on Wednesday. Intel (INTC) led the 15 gainers with a nearly 7% pop, while the 15 losers were paced by IBM (IBM), which fell 1.8%.
Meanwhile, the S&P 500 Index (SPX - 3,809.84) closed up 8.7 points or 0.2%, and the Nasdaq Composite (IXIC - 13,128.52) tacked on 56.5 points, or 0.4%.
Lastly, the Cboe Volatility Index (VIX - 22.21) lost 1.2 point, or 4.8%.
- CVS Health (CVS) is set to hire thousands of pharmacists and pharmacy technicians, as it prepares for government approval to start administering the Covid-19 vaccination in its pharmacy locations across the U.S. (CNBC)
- Apple (AAPL) announced it plans on investing $100 million toward racial-justice goals, which will include a $25 million investment toward the launch of the Propel Center -- an organization that supports students and faculty at historically black universities. (MarketWatch)
- Workout stock option bulls should resolve to buy in 2021.
- Visa enjoyed several analyst bull notes today, despite abandoned merger.
- Here's what investors need to know about Lowe's new "Total Home" approach.
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Oil Snaps Win Streak as Product Inventories Rise
Oil broke its six-day win streak on Wednesday. This drop came after the Energy Information Administration reported a slight drop in crude inventories, but an increase in gasoline inventories by 4.4 million barrels last week -- exceeding expectations. February-dated crude lost 30 cents, or 0.6%, to settle at $52.91 per barrel.
Gold, meanwhile, closed at a one-week high as political tumult and the latest inflation report gave investors a reason to turn back to the safe haven. February-dated gold added $10.70 or 0.6%, to settle at $1,854.90 an ounce.