The S&P 500 came within less than a point of a record close
Stocks scored solid wins today, brushing aside inflation -- at least for a day -- in the wake of encouraging retail sales data. In addition, strong third-quarter earnings reports from blue-chips Home Depot (HD) and Walmart (WMT) showed that consumer spending is rising despite the cost of prices going up. Those quarterly reports helped the Dow log a 54-point win. Elsewhere, the S&P 500 and Nasdaq also nabbed modest gains, the former coming within less than a point of another record close in the process.
Continue reading for more on today's market, including:
- See why this EV stock soared today.
- Why options traders love this crypto-adjacent stock.
- Plus, unpacking Walmart's earnings; Workday's new bull notes; and the big day for a controversial stock.
The Dow Jones Average (DJI - 36,142.22) gained 54.8 points or 0.2% for the day. Home Depot (HD) led the 12 Dow winners, adding 5.7%, while Boeing (BA) paced the 18 laggards with a 3.1% drop.
The S&P 500 Index (SPX - 4,700.9) added 18.1 points, or 0.4% for the day, while the Nasdaq Composite (IXIC - 15,973.86) rose 120 points, or 0.8% for the day.
Lastly, the CBOE Market Volatility Index (VIX - 16.37) lost 0.1 point, or 0.7% for the day.
- According to the U.S. Federal Bureau of Investigation (FBI), higher crypto prices are only emboldening ransomware actors. (MarketWatch)
- Pfizer (PFE) has officially submitted its application to the U.S. Food and Drug Administration (FDA) for its Covid-19 treatment pill. (CNBC)
- Top- and bottom-line beats couldn't save this blue-chip retailer.
- Workday stock hit record highs after a bull note flurry.
- AXON nabbed some price-target hikes after earnings.
Oil Prices Pull Back on Production, Covid-19 Cases
The price of oil was under pressure today, after forecasts of rising global production in the near future, as well as rising Covid-19 cases in Europe, stoked investors' worries concerning demand. Still, tight inventories around the globe kept further losses in check. In response, December-dated crude shed 12 cents, or 0.2% to settle at $80.79 a barrel today.
Meanwhile, gold prices also fell today, though not before earlier hitting their highest level since June. Driving investors away from the safe haven metal was the upbeat retail sales report, as well as data showing a surge in industrial output. December-dated gold lost $12.50 or, 0.7%, to settle at $1,854.10 on the day.