November Kicks Off With Record Closes for Dow, SPX

The Nasdaq closed firmly in the black as well

Assistant Editor
Nov 1, 2021 at 4:30 PM
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After a promising start to the day, followed by mixed midday trading, the major indexes finished the first day of November higher. The Dow scored an intraday high and a record close after popping 94 points, thanks to gains from components Boeing (BA) and Dow (DOW). The S&P 500 also notched an intraday and fresh closing high after trading near breakeven for the latter part of the session. Elsewhere, the tech-laden Nasdaq finished the session firmly in the black, boosted by gains from Tesla (TSLA), which recently became a $1 trillion company.

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

  • The crypto giant that options traders are raving about.
  • GameStop stock brushed off some c-suite drama.
  • Plus, AMC Entertainment's blockbuster ticket sales; Spotify stock's bull note; and unpacking Trivago's earnings.

The Dow Jones Average (DJI - 35,913.84) added 94.3 points or 0.3% for the day. BA paced the gainers, tacking on 3.7%, while Home Depot (HD) fell to the bottom with a 1.4% loss. 

The S&P 500 Index (SPX - 4,613.67) added 8.3 points, or 0.2% for the day, while the Nasdaq Composite (IXIC - 15,595.92) tacked on 97.5 points, or 0.6% for the day.

Lastly, the Cboe Volatility Index (VIX - 16.41) gained 0.2 point, or 0.9% for the day.

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  1. Some major Democratic donors have reportedly threatened to withhold donations leading into next year's midterm elections, unless the party scores some big wins soon. (CNBC)
  2. Global Covid-19 deaths reached 5 million, according to the World Health Organization (WHO); though the actual number may be even higher. (MarketWatch)
  3. AMC stock surged after a stellar box office performance. 
  4. Morgan Stanley called this music streaming giant a "top pick."
  5. Trivago announced top- and bottom-line beats.

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Oil Springboards Off of Session Lows

Oil prices reversed course from their session lows, gaining as investors braced for strong demand for black gold and the likelihood that a key producer group won't dish out crude too fast in order to reverse initial losses stemming from China's fuel reserves. In response, December-dated crude added 48 cents, or 0.6% to settle at $84.05 a barrel.

Gold settled also closed higher to kick off November. Bullion was boosted ahead of a key Federal Reserve meeting, slated to take place later this week and shine light on the central bank's plan for tapering economic stimulus. December-dated gold jumped $11.90 or, 0.7%, to settle at $1,795.80.

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