Bank and industrial stocks led the charge today
The major benchmarks ended today's session higher, despite increased fears regarding the Delta Covid-19 variant. Bank and industrials names propped up the broader market, though lackluster gains from "reopening plays" remain a story. The Dow closed with a 278-point pop, its best single-session gain since July 21.
The S&P 500 and Nasdaq also finished in the black, with the former notching a record close and the latter pulling off an impressive late-day comeback as the 10-year Treasury yield stabilized after falling near five-month lows. Elsewhere, the Cboe Volatility Index (VIX), Wall Street's "fear gauge," shed all of yesterday's gains to finish 9% lower.
Continue reading for more on today's market, including:
- Fresh highs for Eli Lilly stock after earnings.
- Call traders respond to Cheesecake Factory's earnings report.
- Plus, options bulls blast UAA; more on BP's big dividend hike; and a rough day for Take-Two interactive.
The Dow Jones Average (DJI - 35,116.40) rose 278.2 points, or 0.8% for the day. IBM (IBM) topped the long list of Dow winners today, adding 1.9%, while Walt Disney (DIS) paced the five laggards with a 1.5% dip.
The S&P 500 Index (SPX - 4,423.15) gained 36 points, or 0.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,761.30) added 80.2 points, or 0.6%, for the day.
Lastly, the Cboe Volatility Index (VIX - 18.04) shed 1.4 point, or 7.3%, for the day.
- Bill de Blasio, New York City's Mayor, plans to mandate vaccines for a range of indoor venues. (CNBC)
- The Securities and Exchange Commission's (SEC) chairman Gary Gensler today warned of issues surrounding cryptocurrencies, and said that new regulations are necessary. (MarketWatch)
- Options bulls reacted to Under Armour's top-line beat.
- BP stock soared after the company hiked its dividend payments.
- This video game stock fell following a weak forecast.
Oil Continues to Pullback Amid Delta Variant Fears
Oil prices continued to retreat in volatile fashion today, as investors' fears regarding rising cases of the Delta Covid-19 variant took their toll on black gold. Lower U.S. inventories, meanwhile, helped keep more substantial losses at bay. As a result, September-dated crude fell 70 cents, or 1%, to settle at $70.56 a barrel.
The Delta variant and weaker bond yields also kept gold prices afloat today, though cautionary comments regarding this week's jobs data kept bullion on a tight leash. December-dated gold, the most active contract, added $8.10, or 0.4%, to settle at $1,814.10 an ounce.