All three major indexes extended their rallies today
Stocks pivoted higher on Wednesday, after an impressive earnings report from Google-parent Alphabet (GOOGL) injected some positivity into the tech sector. The Dow added 224 points, while both the S&P 500 and Nasdaq joined the blue-chip index in extending their rallies for a fourth-straight session.
Though dismal jobs data weighed on the major benchmarks for most of the session, with private payrolls falling by 301,000 in January, traders brushed off those concerns. Wall Street is now looking ahead to yet another batch of post-close corporate earning reports, with Meta Platforms (FB) and Qualcomm (QCOM) next on the docket.
Continue reading for more on today's market, including:
- Which social media stock gapped lower before earnings.
- Record revenue sent Alphabet stock to new heights.
- Plus, Starbucks stock gets roasted; why PayPal stock hit 2-year lows; and MTCH brushes off dismal revenue outlook.
The Dow Jones Average (DJI - 35,629.33) climbed 224.1 points, or 0.6% for the day. Travelers (TRV) led the gainers today with a 2.8% pop, while Salesforce.com (CRM) paced the laggards with a 3.1% drop.
The S&P 500 Index (SPX - 4,589.38) added 42.8 points, or 0.9%, while the Nasdaq Composite (IXIC - 14,417.55) tacked on 71.5 points, or 0.5%, for today's session.
Lastly, the Cboe Volatility Index (VIX - 22.09) added 0.1 point, or 0.6% for the day.
5 Things To Know Today
- Workers at another Amazon.com (AMZN) warehouse on New York’s Staten Island have filed a petition with the National Labor Relations Board to unionize. (CNBC)
- The U.S. will send nearly 3,000 troops to Eastern Europe as the threat of Russian invasion in Ukraine escalates, and negotiations fail to reach compromise. (Reuters)
- This analyst roasted Starbucks stock after an earnings miss.
- Poor quarterly forecast pressures PayPal stock to 2-year lows.
- How Match stock brushed off a dismal full-year revenue guidance.
Oil Prices Notch 7-Year Highs After OPEC+ Decision
Oil prices were higher again on Wednesday to notch their best close since October 2014. Boosting the commodity today was news that the Organization of the Petroleum Exporting Countries and their allies (OPEC+) agreed to increase production to 400,000 barrels per day for March. What's more, Energy Information Administration (EIA) data revealed a weekly decline in U.S. crude supplies. March-dated oil added 6 cents, or 0.1%, to settle at $88.26 per barrel.
Gold prices also moved higher, scoring their third-straight win and highest close in over a week. A weaker U.S. dollar gave the yellow metal a boost, though investors are now eyeing Friday's jobs report. In turn, April-dated gold added $8.80, or 0.5%, to close at $1,810.30 per ounce.