Dow Snaps Losing Streak After Biden's Fed Chair Pick

The S&P 500 and Nasdaq hit record highs earlier in the day

Deputy Editor
Nov 22, 2021 at 4:30 PM
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The Dow snapped its three-day losing streak on Monday, adding 17 points as investors cheered President Joe Biden's decision to hang onto current Federal Reserve Chairman Jerome Powell. Biden's choice also gave bank stocks and Treasury yields a boost. The S&P 500 and Nasdaq, meanwhile, wound up settling in the red, but not before hitting intraday highs early on in the session. The President's decision to maintain Powell's role as head of the central bank comes amid the gradual tapering of its asset purchase program, as well hotter-than-expected inflation, which the Fed initially promised would be "transitory."  

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

  • The e-tail stock that looks ready to bounce before the holidays. 
  • One Wall Street newbie bullish analysts are eyeing. 
  • Plus, DKS' impressive year; the EV stock Cowen downgraded; and options bulls target TLRY.

The Dow Jones Average (DJI - 35,619.25) added 17.3 points or 0.05% for the day. Travelers (TRV) led the 20 winners with a 2.9% gain, while Visa (V) paced the 10 laggards with a 2.6% drop.

The S&P 500 Index (SPX - 4,682.94) gave back 15 points, or 0.3% for the day, while the Nasdaq Composite (IXIC - 15,854.76) lost 202.7, or 1.3% for the day.

Lastly, the CBOE Market Volatility Index (VIX - 19.17) added 1.3 point, or 7% for the day.

Closing Summary 1122

NYSE Nasdaq 1122

  1. Walt Disney World has put a pandemic-related pause on sales of almost all of its annual passes, just two months after bringing back the program. The Pixie Dust Pass, which is available only to Florida residents, is still being sold, but with tightened restrictions. (MarketWatch)
  2. Austria is the latest western European country to impose another lockdown, due to surging Covid-19 cases, shutting down all non-essential businesses. (Reuters)
  3. Dick's Sporting Goods stock deserves a trophy for the year its had. 
  4. Cowen recommended taking profits on this EV stock
  5. The struggling pot stock options bulls are doubling down on.  

There are no earnings of note today.

UVOL 1122

Gold Takes Nosedive on Climbing Dollar, Treasury Yields

Oil prices rose slightly off last week's rout today, though spiking Covid-19 cases and news that Japan and India may release national reserves of crude oil, put some pressure on the commodity. In response, the now most-active and front-month January-dated crude added 1.1%, or $0.80 to close at $76.75. 

Biden's Fed decision led to a strengthening U.S. dollar and rising Treasury yields, which in turn put weight on gold prices. December-dated gold closed down $45.30 or 2.4%, at $1,806.30, marking its biggest daily drop in three-and-a-half months.

Trader: Sell These 8 Stocks in 2021

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