Major Benchmarks Close at Record Highs as Sentiment Soars

Oil prices fell, but settled near 3-year highs

Assistant Editor
Nov 2, 2021 at 4:27 PM
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For a second-straight day, the major indexes all nabbed intraday highs to pair with record closes. More strong corporate earnings reports rolled in, boosting sentiment alongside the Federal Open Market Committee's (FOMC) two-day meeting, which kicked off today and could reveal plans to unwind the central bank's $120 billion monthly bond purchasing program. In response, the Dow added nearly 150 points, while the S&P 500 and Nasdaq both settled in the black as well. The Cboe Volatility Index (VIX), meanwhile, notched its lowest close since Oct. 25.

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

  • Why it's time to consider Carrier Global stock.
  • Activision Blizzard is gears up for its quarterly report.
  • Plus, options bulls target Under Armour stock; SPG's new highs; and Denny's prepares for earnings.

The Dow Jones Average (DJI - 36,052.63) added 138.8 points or 0.4% for the day. Leading the list of Dow winners, Cisco Systems (CSCO) tacked on 2.7%, while Visa (V) paced the laggards with a 1.6% drop.

The S&P 500 Index (SPX - 4,630.65) added 17 points, or 0.4% for the day, while the Nasdaq Composite (IXIC - 15,649.60) tacked on 53.7 points, or 0.3% for the day.

Lastly, the Cboe Volatility Index (VIX - 16.03) gained 0.4 point, or 2.3% for the day.

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  1. Facebook, or Meta as the parent company is now called, plans to end its facial recognition software following a deluge of whistleblower-released documents. (CNBC)
  2. A panel from the Centers for Disease Control and Prevention (CDC) is meeting today to discuss the vaccination of children aged 5 to 11. (MarketWatch)
  3. See why call traders blasted Under Armour stock.
  4. SPG soars to new highs after earnings.
  5. This restaurant stock is moving higher ahead of earnings.

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Oil Settles Near 3-Year Highs

Expectations of rising U.S. inventories put pressure on oil prices today, though black gold still managed to close around a three-year high. Looking ahead, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is expected to meet on Thursday to discuss production increases. December-dated crude shed 14 cents, or 0.2% to settle at $83.91 a barrel.

Gold prices tumbled today, as the U.S. Federal Reserve's key meeting helped the U.S. dollar and equities firm. The central bank is expected to provide a timeline on interest rate hikes, as inflation causes serious anxieties amongst traders. As a result, December-dated gold fell $6.40 or, 0.4%, to settle at $1,789.40.

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