The Dow turned in a 417-point win
Wall Street's rally continued into Thursday, with the Dow adding 417 points to log a third-straight, triple-digit win. Tailwinds are still rolling in after yesterday's conclusion of the Federal Reserve's two-day policy meeting, in which the central bank followed through with plans to hike interest rates. However, the Kremlin shot down news that peace talks are progressing between Ukraine and Russia, which kept a lid on today's gains. Meanwhile, the S&P 500 and Nasdaq both finished with respectable leads, and while logged their third consecutive daily pop, and the Cboe Market Volatility Index (VIX) turned in its third-straight drop.
Continue reading for more on today's market, including:
- Taking a look at GameStop stock ahead of earnings.
- How the marijuana market looks at the moment.
- Plus, how to win March Madness and options contracts; analyst downgrades Ralph Lauren stock; and NKE's bear note barrage.
The Dow Jones Average (DJI - 34,480.76) added 417.66 points, or 1.2% for the day. Dow Inc (DOW) led the gainers with a 5.4% jump, while McDonald's (MCD) paced the losers with a 0.3% drop.
The S&P 500 Index (SPX - 4,411.67) climbed 53.8 points, or 1.2% for the day, while the Nasdaq Composite (IXIC - 13,641.78) rose 178.2 points, or 1.3% for today's session. The IXIC managed to also log a third-straight, triple-digit pop.
Lastly, the Cboe Market Volatility Index (VIX - 25.67) lost 1 point, or 3.8% for the day.
5 Things To Know Today
- Companies are using a sneaky tactic known as "skrinkflation" to subtly raise consumer prices during a time of record-high inflation. (CNBC)
- The average mortgage rate is soaring, up above 4% for the first time since 2019, and some economists speculate this is just the beginning. (MarketWatch)
- 10 similarities between March Madness and options trading.
- J.P. Morgan Securities sees growth ahead for Polo brand's parent.
- Why bearish analysts piled on Nike stock today.
Oil, Gold Snap Losing Streaks
Oil prices moved higher today, with West Texas Intermediate (WTI) crude closing back above the $100 mark follow three daily drops. The International Energy Agency (IEA) reported around 3 million barrels of Russian oil supply could be lost in the coming weeks, as hopes of a ceasefire between the country and Russia slipped. In response, April-dated crude added $7.94 or 8.4%, to settle at $102.98 per barrel.
Gold prices rose as well, nabbing their first win in five as the precious metal was buoyed by a weakened U.S. dollar. Wall Street largely shrugged off any impact interest rate hikes will have on bullion, so April-dated gold gained $34, or 1.8%, to settle at $1,943.20 per ounce.