Stocks notched another day of solid wins as investors found a glimmer of hope that the conflict between Ukraine and Russia may start to ease, with a ceasefire looking a bit more likely. Though both sides have brushed off the suggestion that a deal is imminent, Russia did promise drastic reduction in its military force near Ukraine's capital. Investors also kept an eye on the 5-year Treasury note today, which remained above the 30-year and sparked some ongoing recession anxieties, while the 2-year and 10-year Treasury yields also neared an inversion. In response to today's news, the Dow gained 338 points. Strength in tech sent the Nasdaq to another triple-digit pop as well, while the S&P 500 added over 1% on Tuesday.
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The Dow Jones Average (DJI - 35,294.19) added 338.3 points, or 1% for the day. Visa (V) led the gainers with a 3.3% gain, while Travelers Companies (TRV) paced laggards with a 1.6% drop.
The S&P 500 Index (SPX - 4,631.60) added 56.1 points for the day, or 1.2%, while the Nasdaq Composite (IXIC - 14,619.6) rose 264.7 points, or 1.8% in today's session.
Lastly, the Cboe Market Volatility Index (VIX - 18.90) lost 0.7 point, or 3.7% for the day, logging its fourth-straight drop.
5 Things To Know Today
- A fourth Pfizer (PFE) and Moderna (MRNA) Covid-19 booster has been authorized for people 50 and older by the U.S. Food and Drug Administration (FDA) . (CNBC)
- Renaissance Capital said its outlook in the U.S. initial public offering (IPO) market is looking "foggy" as investors head into the second quarter, at least until risk appetite recovers and returns improve. (MarketWatch)
- Is Cisco Systems stock ready for a rebound?
- What to make of Microsoft stock's sky-high valuation.
- The tech ETF flashing a rare buy signal, and what that might mean for bulls.
Gold Hits Lowest Level in Over a Month
Oil prices continued to fall today as investors hold out hope that peace talks between Ukraine and Russia may start to progress this week. The commodity dropped $1.72 or 1.6%, for the most active, front-month contract May delivery to settle at $1054.24.
Gold hit its lowest level since Feb. 25 earlier in the session before settling at a nearly two week low. April-dated gold sank $27.60 or 1.4%, to close at $1,912.20 per ounce as the promise of easing geopolitical tensions has investors cycling out of the "haven" commodity. Moving forward, the June-dated contract will be followed as most active.