Benchmarks Regain Traction Following Friday's Steep Selloff

Wall Street's "fear gauge" gave up some of Friday's spike

Assistant Editor
Nov 29, 2021 at 4:27 PM
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The major indexes recovered some ground today, following last week's Covid-induced selloff. Wall Street took solace in the fact that U.S. President Joe Biden said lockdowns and travel restrictions won't be considered in an effort to combat the new omicron Covid-19 variant. As a result, the Dow added 236 points, while the S&P 500 finished comfortably in the black as well. Tech stocks walked away as the biggest winner in today's recovery, leading the Nasdaq to score a triple-digit win for the session. Elsewhere, the CBOE Market Volatility Index (VIX), or Wall Street's "fear gauge," shed some of Friday's gains to lock in its worst single-day percentage loss since March 2020.

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

  • Why Jack Dorsey is stepping down as Twitter's CEO.
  • Call traders blast Hertz stock after share buyback announcement.
  • Plus, Bitcoin and Coinbase stock rise together; investors ignore former pandemic darling; and BIRD's bull notes.

The Dow Jones Average (DJI - 35,135.94) added 236.6 points or 0.7% today. Salesforce.com (CRM) led the list of 18 Dow winners, gaining 4.4%, while Merck (MRK) shed 5.4% to pace the 12 laggards.

The S&P 500 Index (SPX - 4,655.27) gained 60.7 points, or 1.3% for the day, while the Nasdaq Composite (IXIC - 15,782.83) rose 291.2, or 1.9% today.

Lastly, the CBOE Market Volatility Index (VIX - 22.96) lost 5.7 points, or 19.8% for the day.

closing summary Nov29

nyse nasdaq Nov29

  1. Gina Raimondo, the U.S. Commerce Secretary, urged lawmakers to pass legislation regarding American production of semiconductors to alleviate dependence on parts from China. (CNBC)
  2. South Korea has walked back on plans to ease Covid-19 restrictions as a surge in cases puts pressure on the country's healthcare system. (Reuters)
  3. Coinbase stock moved higher alongside Bitcoin (BTC).
  4. Investors shed this stay-at-home staple despite Covid fears.
  5. Analysts upgraded BIRD ahead of the company's earnings.

There were no earnings of note today.

UVOL Nov29

Gold Continues to Close Below $1,800

Following its worst session of 2021 on Friday, oil prices recouped some losses today. Black gold's appeal was boosted by speculation that demand won't be dented as investors brush off fears of the new omicron Covid variant. In response, the front-month January-dated crude added 2.6%, or $1.80 to close at $69.95.

Meanwhile, gold prices pulled back, extending their losses from the previous week as the U.S. dollar gained strength while risk sentiment recovered in the wake of the latest  Covid variant discovery. As a result, the now most active, February-dated contract for gold shed $2.90 or 0.2% to close at $1,785.20.

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