Stocks Make Swift Recovery While Oil Takes a Step Back

The Nasdaq and S&P 500 both logged their best days since 2020

Lillian Currens

Digital Content Manager

Mar 9, 2022 at 4:30 PM

CRM
NKE
SPX
IXIC
DJIA

Stocks made a pointed comeback today, with the three major indexes snapping a four-day losing streak as investors monitored a sharp decline in commodities, specifically oil. Big Tech and retail were the shining sectors of today's trading, with both Nike (NKE) and Salesforce.com (CRM) posting big gains. The Dow rose over 653 points, while the S&P 500 turned in its best percentage day since June 2020. The Nasdaq, meanwhile, saw its biggest one-day percentage jump since March 2021*.

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

Options players eye an outsized post-earnings move for DocuSign stock.
Why Bumble stock was buzzing today.
Plus, GE's buyback update; Pepsi bars soda sales in Russia; in the ins and outs of ALG.

The Dow Jones Average (DJI - 33,286.25) gained 653.6 points, or 2% for the day. Salesforce.com (CRM) led the gainers with a 5.8% jump, while Chevron (CVX) paced the losers with a 2.5% drop.

The S&P 500 Index (SPX - 4,277.88) added 107.2 points, or 2.6% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,255.55) rose 460 points, or 3.6% for today's session.

Lastly, the Cboe Market Volatility Index (VIX - 32.45) lost 2.7 points, or 7.6% for the day.

Closing Indexes Summary March 9

NYSE and Nasdaq Stats March 9

5 Things To Know Today

U.S. President Joe Biden just inked an executive order that calls on the government to manage the dangers and benefits of cryptocurrencies.(CNBC)
A children's and maternity hospital has been targeting in the Ukraine city of Mariupol by a Russian strike. (MarketWatch)
How General Electric stock performed after its billion-dollar buyback announcement.
What PepsiCo's suspension of soda sales in Russia means for the stock.
What investors need to know about Alamo Group stock.

Unusual Options Activity March 9

Oil, Gold Take Breather From Wild Rally in Commodity Prices

Oil prices took a big step back today, though concerns over Russian supply disruptions are far from over. However, in the face of said disruptions, the U.S. is now encouraging greater production levels from other sources, while an increase in production from Iraq could be on the table. April-dated crude shed $15 or 12.1%, to settle at $108.70 per barrel for the day, marking its biggest daily drop since November.

Gold prices snapped their four-day win streak today as investors circled out of the commodity to target equities. April-dated gold shed $55.10, or 2.7%, to finish at $1,988.20 per ounce.

**Editor's Note: An earlier version stated that yesterday the Nasdaq had its best day since November 2020. We apologize for the error.

Follow @Schaeffers

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!