Oil snapped its losing streak
Indexes kicked off the week with a win, boosted mostly by reopening stocks and news that the U.S. Food and Drug Administration (FDA) officially approved the first Covid-19 vaccine. Specifically, the Dow tacked on 215 points, after the FDA approved Pfizer's (PFE) coronavirus vaccine, which the company developed with BioNTech (BNTX). The S&P 500 closed comfortably in the black, boosted by a surge in energy stocks, while the Nasdaq nabbed a new record close. Looking ahead, investors are awaiting this week's annual Jackson Hole symposium, with regards to the latest on monetary policy.
Continue reading for more on today's market, including:
- Call traders respond to Pfizer's vaccine approval.
- How a new California ruling put pressure on ride-share stocks.
- Plus, Boeing's big investment; Coinbase's crypto-fueled pop; and more on PayPal's service expansion plan.
The Dow Jones Average (DJI - 35,335.71) added 215.6 points, or 0.6% for the day. Boeing (BA) paced the long list of Dow winners today, rising 3.2%, while UnitedHealth fell 1%, bottoming out the list.
The S&P 500 Index (SPX - 4,479.53) rose 37.9 points, or 0.9% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,942.65) gained 228 points, or 1.6%, for the day.
Lastly, the Cboe Volatility Index (VIX - 17.15) fell 1.4 point, or 7.6%, for the day.
- Now that Pfizer's vaccine has received FDA approval, it's a good time to look at the growing vaccine booster debate. (MarketWatch)
- As mounting regulatory pressures loom, Google hopes its updated website will help explain how its core business works. (CNBC)
- Boeing dips its hands in Richard Branson's latest venture.
- Crypto buzz boosts Coinbase stock.
- PayPal announces crypto services expansion.
There were no earnings of note today.
Oil Snaps Longest Losing Streak Since 2019
Today, oil snapped its longest losing streak since 2019. The positive price action came after the U.S. dollar retreated, and investors brushed aside the recent selling. As a result, October-dated crude futures tacked on $3.50, or 5.6%, to settle at $65.64 per barrel.
Gold prices also popped today, with the precious metal rising above the key $1,800 level thanks to the dented dollar. In addition, bullion's appeal was bolstered by expectations that the U.S. Federal Reserve may put a hold on the tapering of economic support as coronavirus cases rise. December-dated gold added $22.30, or 1.3%, to settle at $1,806.30 an ounce today.