Dow Scores Record High, S&P 500 Nabs Six Straight

The Nasdaq saw its five-day win streak snapped

Digital Content Manager
Oct 20, 2021 at 4:28 PM
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The Dow surged to an all-time intraday peak on Wednesday, notching its second-highest close on record. The S&P 500 also came within a chip shot of a record peak on the way to a sixth-straight win, while the Nasdaq snapped a five-day win streak with a muted loss. A slowing of Covid-19 cases along with last week's producer price index (PPI) reading is stoking the Dow's recent rally.

Big names that reported earnings today include Verizon Communications (VZ) and Netflix (NFLX), although the latter was downgraded by Deutsche Bank over valuation concerns. Meanwhile, Bitcoin's (BTC) rally continued, hitting a new all-time high of $66.893 after Paul Tudor Jones named the cryptocurrency as his preferred inflation hedge over gold. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), logged its fourth loss in the last five trading days.

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

  • Is Tesla stock ready to recapture record highs?
  • Why Devon Energy stock looks ready for a bounce. 
  • Plus, 2 stocks gearing up for earnings; and why NVAX plummeted. 

The Dow Jones Average (DJI - 35,609.34)  added 152 points or 0.4% for the day. UnitedHealth (UNH) paced the gainers with a 2.5% pop, while McDonald's (MCD) fell to the bottom, shedding 1.3%.  

The S&P 500 Index (SPX - 4,536.19) added 16.6 points, or 0.4% for the day. The Nasdaq Composite (IXIC - 15,121.68) tacked on 7.4 points, or 0.05% for the day.

Lastly, the Cboe Volatility Index (VIX - 15.49) lost 0.2 point, or 1.3% for the day.



  1. Billionaire hedge-fund manager Paul Tudor Jones said in an interview that he considers the Federal Reserves monetary policy one of the most inappropriate he's seen in his lifetime, adding that high inflation is likely here to stay and "much worse than what we fear." (MarketWatch
  2. A report from Bloomberg said PayPal (PYPL) is in late-stage talks to acquire social media name Pinterest (PINS), causing shares of the latter to soar on Wednesday. (CNBC)
  3. What investors might be able to expect from Carter's stock after earnings. 
  4. Checking in with one red-hot energy stock ahead of its quarterly report. 
  5. Why Novavax stock hit multi-month lows. 

Earnings 1020


Oil Keeps Climbing on Domestic Supplies Data

Oil prices rose to another multi-year high and grabbed their fifth-straight win after U.S. crude inventories posted a surprise 400,000-barrel drop for last week, while gasoline stocks slid to their lowest level in nearly two years. On expiration day, November-dated crude rose 91 cents, or 1.1%, to settle at $83.87 a barrel. December-dated crude, the new front-month contract, tacked on 98 cents, or 1.2%, to settle at $83.42 per barrel.

Gold prices continued to climb on Wednesday as rising inflation sent investors rotating back into the haven commodity. Strength in U.S. Treasury yields was largely brushed off as many on Wall Street look to hedge against inflation with the precious metal. December-dated gold tacked on $14.40, or 0.8%, to settle at $1,784.90 an ounce for the day.


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