Benchmarks Break Three-Day Losing Streak as Tech Bounces

The Treasury Department said it will start regulating cryptocurrency transactions

Digital Content Manager
May 20, 2021 at 4:30 PM
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All three major benchmarks scored their first win of the week on Thursday, thanks in large to a rebounding tech sector and jobless data that hit its lowest level since the start of the pandemic. The Dow added 188 points, while the S&P 500 and Nasdaq also finished with substantial gains as FAANG names recovered.

Meanwhile, bitcoin shifted lower after a brief comeback, following news that the Treasury Department will start regulating cryptocurrency transactions by requiring that transfers of $10,000 or more be reported to the Internal Revenue Service (IRS). These efforts aim to promote compliance and eliminate risks of tax evasion.

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

  • This crypto exchange name popped on fresh analyst coverage.
  • Option bulls blasted GOOGL following brick-and-mortar reveal.
  • Plus, CAT eyes new records; why Cisco stock tumbled despite earnings beat; and major retailer dips on costly spinoff.

The Dow Jones Average (DJI - 34,084.15) added 188.1 points, or 0.6% for the day. Apple (AAPL) led the Dow components with a 2.1% rise, while Caterpillar (CAT) paced the laggards, falling 0.8%.

Meanwhile, the S&P 500 Index (SPX - 4,159.12) rose 43.4 points, or 1.1% for the day. The Nasdaq Composite (IXIC - 13,535.74) jumped 236 points, or 1.8% for the day.

Lastly, the Cboe Volatility Index (VIX - 20.67) fell 1.5 point, or 6.8% for the day.

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  1. The House passed a $1.9 billion supplemental security funding bill in response to the Jan. 6 insurrection at the U.S. Capitol, but it faces an uncertain path in the Senate. (CNBC)
  2. Long-time skeptic, UBS, turned bullish on Chipotle Mexican Grill (CMG), citing both “attractive” valuation and signs of accelerating sales trends. (MarketWatch)
  3. Bullish signal says more record highs are in store for Caterpillar stock.
  4. Why Cisco stock took a tumble, even after its earnings beat Wall Street's estimates.
  5. A costly brand spinoff and withheld forecast overshadowed this major retailer's quarterly win

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Gold Prices Log Best Winning Streak This Year

Oil prices were lower on Thursday, as regulators continued to seemingly make progress towards a deal to with Iran, which would result in the lifting of U.S. sanctions against the country, therefore raising the market's crude supplies. In turn, June-dated crude fell $1.31, or 2.1%, to settle at $62.05 per barrel, notching their third-straight drop.

Meanwhile, gold prices managed to log their longest winning streak of 2021 with a sixth-straight win. The yellow metal was able to erase earlier losses after the Federal Reserve indicated in its meeting minutes for April that it could consider tightening its policy as the economy recovers. June-dated gold rose 40 cents, or 0.02%, to settle at $1,881.90 an ounce

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