The Dow added nearly 600 points on Tuesday
Stocks staged an impressive rebound on Tuesday, with all three major indexes adding 1.8% or more. The Dow tacked on nearly 600 points, while the S&P 500 and Nasdaq each snapped three-day losing streaks, with the latter also logging a triple-digit pop. Tech led the charge today, even as Covid-related lockdowns in China threaten to throw a major wrench into the supply chain. Meanwhile, oil prices are showing more weakness while investors continue to monitor ceasefire talks between Ukraine and Russia, of which, little progress has been made. Fresh inflation data helped boost markets today, too. The producer price index (PPI) saw a lighter-than-expected 0.8% climb in February.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 33,544.34) added 599.1 points, or 1.8% for the day. Walt Disney (DIS) led the gainers with a 4% jump, while Chevron (CVX) paced the losers with a 5.1% drop.
The S&P 500 Index (SPX - 4,262.45) climbed 89.3 points, or 2.1% for the day, while the Nasdaq Composite (IXIC - 12,948.62) rose 367.4 points, or 2.9% for today's session.
Lastly, the Cboe Market Volatility Index (VIX - 29.83) lost nearly 2 points, or 6.2% for the day.
5 Things To Know Today
- AMC Entertainment (AMC) just agreed to purchase Nevada-based gold and silver miner Hyroft Mining, making it the owner of roughly 22% of the company. (CNBC)
- A study conducted by Barclays showed that properties near railways in new York City are now going at a discount, as opposed to a premium, as more people shift to working from home and away from commuting to the office. (MarketWatch)
- What sunk Coupa Software stock to a fresh three-year low.
- Checking in with Jabil stock ahead of earnings.
- Behind Alibaba stock's potential delisting on the U.S. exchanges.
Oil Prices Cool as U.S. Looks Elsewhere to Fulfill Demand
Oil prices fell once again, settling back below the $100 mark. The drop stems from China's Covid-19 related lockdowns, which is making investors question their initial supply shortage fears, sparked by the conflict in Ukraine and subsequent sanctions against Russia. April-dated crude lost $6.57 or 6.4%, to settle at $96.44 per barrel.
A bounce in U.S. Treasury yields and a potentially hawkish decision from the Federal Reserve weighed on gold prices on Tuesday, sending them to a two-week low. April-dated gold dropped $31.10, or 1.6%, to settle at $1,929.70 per ounce.