Stocks Extend Market Rally With More Record Closes

Oil prices are once again moving higher

Deputy Editor
Nov 8, 2021 at 4:32 PM
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The major indexes closed at record levels once again, extending their rally after the U.S. House of Representatives passed the $1 trillion infrastructure bill, which now awaits President Joe Biden's Signature. Names set to benefit from the spending package soared today, most notably industrials and materials stocks. In response, the Dow added over 120 points, nabbing a record close and its seventh win in eight sessions, the S&P 500 locked in its first close above the 4,700 level and eighth-straight win, while the Nasdaq scored its 11th. Elsewhere, Wall Street's "fear gauge," the CBOE Market Volatility Index (VIX) turned in a big win, as well, closing at its highest level since Oct. 13.

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

  • Pot stock brushes off bombardment of bear notes.
  • Options traders continue to bet on DraftKings stock.
  • Plus, Baird's new favorite blue chip; Krispy Kreme's downgrade; and an interesting entry point for PYPL.

The Dow Jones Average (DJI - 36,432.22) gained 104.3 points or 0.3% for the day. Caterpillar (CAT) was the Dow's best component member today, gaining 4.1%, while Nike (NKE) shed 3.2% to round out the laggards.

The S&P 500 Index (SPX - 4,701.70) added 4.2 points, or 0.09% for the day, while the Nasdaq Composite (IXIC - 15,982.36) tacked on 10.8 points, or 0.07% for the day.

Lastly, the Cboe Volatility Index (VIX - 17.22) added 1.8 point, or 11.5% for the day.

closing summary new 1108nyse nasdaq 1108

  1. After a year and half, the U.S. today ended the international travel ban spurred on by the pandemic. (CNBC)
  2. Several officials from the U.S. Federal Reserve have signaled interest rates could raise before the end of 2022. (MarketWatch)
  3. Baird named this blue chip a 'Fresh Pick.' 
  4. Krispy Kreme stock downgraded before earnings.  
  5. Buy the dip on PayPal stock.

Earnings 1108

UVOL 1108

Oil Prices Rise Again as Energy Demand Outlook Improves

Oil prices rose today, as investors pondered the outlook for energy demand amid positive signs of global economic growth. In the U.S., officials are are weighing options to address skyrocketing fuel prices. For the day, December-dated crude added 66 cents, or 0.8% to settle at $81.93 a barrel.

Gold prices settled at  their highest mark since September, coming on the heels of a dovish tone from major central banks regarding interest rates. As a result, December-dated gold rose $11.20 or, 0.6%, to settle at $1,828 on the day.

 

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