Dow, SPX Score Record Closes Despite Inflation Concerns

The producer price index (PPI) reading came in higher than expected for March

Deputy Editor
Apr 9, 2021 at 4:34 PM
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The Dow enjoyed triple-digit gains today, securing a new record close and finishing the week with a win. The other major benchmarks also ended the week firmly in the black, with the S&P 500 climbing to its third-straight record close, while the Nasdaq finished today's session with a solid win after a last-minute surge. Inflation concerns nipped at the market's gains today, after data showing the producer price index (PPI) rising a higher-than-expected 1% in March, as well as hitting its largest annual gain in nine years. In response, the 10-year Treasury yield, which has been a major market mover in recent weeks, rose slightly.

Continue reading for more on today's market, including:

  • Cigarette name trading near recent highs after analyst upgrade
  • OKTA was upgraded after yesterday's analyst meeting
  • Plus, the sports gambling stock making moves; HON hit with bull notes; and a look at AMRS' rally out of penny-stock territory. 

The Dow Jones Industrial Average (DJI - 33,800.60) added 297 points today, or 0.9% for the day, and 2% for the week. Honeywell (HON) topped the list of blue chips with a 3.2% pop, while Walgreen Boots Alliance (WBA) sunk to the bottom after shedding 1.1%. 

Meanwhile, the S&P 500 Index (SPX - 4,128.80) gained 31.6 points, or 0.8%, for the day, and 2.7% for the week. The Nasdaq Composite (IXIC - 13,900.19) tacked on 70.9 points, or 0.5%, for the day, and 3.1% for the week.

Lastly, the Cboe Volatility Index (VIX - 16.69) lost 0.3 point, or 1.5%, today, and 3.7% for the week. 

Closing Indexes Summary April 9

NYSE and Nasdaq Stats April 9

  1. Tensions have flared in Northern Ireland in recent months. Political leaders held video meetings today in order to try to find a solution. (MarketWatch)
  2. U.S. President Joe Biden created a bipartisan commission to study potential reforms to the Supreme Court. See what changes could be made and why. (Reuters)
  3. DraftKings' market cap is worth monitoring amid its recent pullback.  
  4. HON opened at fresh highs after J. P. Morgan Securities labeled it a "top pick."  
  5. This biotech stock could benefit from a short squeeze. 

Earnings April 9

Unusual Options Activity April 9

Gold Finishes the Week Higher, Oil Extends Drop

Oil prices closed lower for the second-straight day, as global Covid-19 cases point towards a potential lack of demand, and supply still no shows no sign of diminishing after last week's OPEC+ decision. May-dated crude fell 28 cents, or 0.5%, to settle at $59.32 a barrel. Since its April 1 settlement, which marked the end of the holiday-shortened week, prices have lost 3.5%. 

Gold futures fell today, following a six-week high, as rising bond yields weighed. June-dated gold dropped $13.40, or 0.8%, to settle at $1,744.80 an ounce. For the week, however, gold prices finished nearly 1% higher.

 

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