S&P 500 Nabs Record Close, 7th-Straight Win

The Nasdaq settled comfortably higher

Deputy Editor
Oct 21, 2021 at 4:34 PM
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The Dow followed up yesterday's intraday high and triple-digit pop with a lackluster session, spending most of Thursday in the red before settling the day with a 6-point loss. Meanwhile, the S&P 500 strung together its seventh-consecutive daily win, as well as a record close, while the Nasdaq finished comfortably higher as well. Well-received earnings from Tesla (TSLA) kept some wind at the broader market's back, though a post-earnings bear gap from IBM (IBM) weighed heavily on the Dow. Elsewhere, investors digested better-than-expected jobless claims, which hit their lowest level since the beginning of the pandemic. 

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

  • The FAANG stock struggling for direction ahead of its quarterly report. 
  • 2 big-name oil stocks Evercore ISI likes. 
  • Plus, Pinterest acquisition rumors swirl; the current state of the cannabis sector; and unpacking Crocs' impressive earnings. 

The Dow Jones Average (DJI - 35,603.08)  lost 6.3 points or 0.02% for the day. Nike (NKE) paced the gainers with a 2.4% pop, while IBM fell to the bottom, shedding 9.6%.  

The S&P 500 Index (SPX - 4,549.78) added 13.6 points, or 0.3% for the day. The Nasdaq Composite (IXIC - 15,215.70) tacked on 94 points, or 0.6% for the day.

Lastly, the Cboe Volatility Index (VIX - 15.01) lost 0.5 point, or 3.1% for the day.

Closing Summary 1021

NYSE Nasdaq 1021

  1. A  U.S. Food and Drug Administration (FDA) decision to allow Covid-19 vaccine boosters was followed by a meeting within the Centers for Disease Control and Prevention (CDC) to discuss which patient groups will be eligible for the shots.  (MarketWatch)
  2. Support for U.S. President Joe Biden is fading, according to an All-America Economic Survey, which showed just 41% of the public approved of him. (CNBC)
  3. How options traders reponded to PayPal's potential acquisition of Pinterest. 
  4. Schaeffer's Senior Market Strategist dives into the cannabis sector
  5. Crocs stock surged after posting an earnings and revenue beat.

Earnings 1021

UVOL 1021

Oil Snaps 5-Day Win Streak on Profit-Taking 

Oil prices snapped a five-day win streak on Thursday, settling lower as investors participated in some profit-taking off the commodity's multi-year highs. The most active December-dated crude contract shed 92 cents, or 1.1%, to settle at $82.50 a barrel.

Gold prices edged lower as well, as investors took a break from using the precious metal to hedge against inflation. Predictions that the upcoming Federal Reserve meeting could provide a headwind for gold also kept a lid on gains today. December-dated gold lost $3, or 0.2%, to settle at $1,781.90 an ounce for the day.

Trader: Sell These 8 Stocks in 2021

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