The tech sector looks to be supplying support for the broader market
The Dow and S&P 500 snapped their multi-day losing streaks, as U.S. markets brushed off rising interest rates. Investors are buying into the recent dip in tech, and the Nasdaq also added a solid 210 points in Tuesday's session. Meanwhile, big-cap tech backed the broader market, with Amazon.com (AMZN), Apple (AAPL), and Meta Platforms (FB), all jumping at least 1.5%.
Continue reading for more on today's market, including:
- How 1 major retail stock is kicking off 2022.
- Dive into another Schaeffer's top stock pick for the new year.
- Plus, what Costco could still salvage; auto giant brushes off data disappointment; and double upgrade lifts network name.
The Dow Jones Average (DJI - 36,252.02) added 183.2 points, or 0.5% for the day. Boeing (BA) led the gainers today, adding 3.2%, and IBM (IBM) paced the laggards with a 1.6% fall.
The S&P 500 Index (SPX - 4,713.07) climbed 42.8 points, or 0.9% for the day. Meanwhile, the Nasdaq Composite (IXIC - 15,153.45) jumped 210.6 points higher, or 1.4%, for today's session.
Lastly, the CBOE Volatility Index (VIX - 18.41) shed 1 point, or 5.1% for the day.
- New York Governor Kathy Hochul said the omicron surge in the state seems to be stabilizing, or “cresting over that peak.” (Bloomberg)
- Walgreens Boots Alliance (WBA) is initiating a strategic review of its U.K.-based Boots drugstore chain. CEO Roz Brewer did not specify whether or not it would end in a sale of the business. (CNBC)
- Could Costco stock salvage its early 2022 losses?
- Auto name brushing off mediocre output data.
- Data network stock surges on double upgrade.
No earnings of note today.
Oil Jumps Higher as Demand Outlook Stabilizes
Oil prices managed to mark a two-month high this afternoon, as the broader global demand outlook remains stable. February-dated oil added $2.99, or almost 3.8%, to finish at $81.22 per barrel.
Gold futures climbed higher for a third session, after comments from Federal Reserve Chairman Jerome Powell at his second-term confirmation hearing failed to sway investors in either direction. February-dated gold added $19.70, or 1.1%, to close at $1,818.50 per ounce.