Nasdaq Scores Triple-Digit Gain as Recession Fears Ease

Investors targeted FAANG stocks as tech surged

Assistant Editor
Apr 4, 2022 at 4:32 PM
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Wall Street started the week on a positive note, with the Dow and S&P 500 finishing higher. However, the big winner of the day was the Nasdaq, which scored a 271-point gain as investors targeted beaten-down tech. Twitter (TWTR) stock's soaring price action gave the tech-heavy index a lift as well. FAANG stocks in particular climbed, even as the yield curve of the 2- and 10-year Treasury yields remains inverted. Meanwhile, U.S. factory orders fell for the first time in 10 months, losing 0.5% in February, though investors expected a 0.6% drop.

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

  • The best blue-chip stock for options bulls this month. 
  • Options traders flock to First Solar stock. 
  • Plus, HTZ lifted on EV news; JD and BABA see regulatory tailwinds; and CROX downgraded.

The Dow Jones Average (DJI - 34,921.88) added 103.6 points, or 0.3% for the day. Salesforce.com (CRM) led the gainers with a 3.1% pop, while Travelers Companies (TRV) dropped to the bottom of the index with a 1.9% loss. 

The S&P 500 Index (SPX - 4,582.64) rose 36.8, or 0.8% points for the day, while the Nasdaq Composite (IXIC - 14,532.55) added 271 points, or 1.9% in today's session.

Lastly, the Cboe Market Volatility Index (VIX - 18.57) lost 1.1 point, or 5.4% for the day.

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5 Things To Know Today

  1. The latest Russian oligarch to be hit by U.S. sanctions, Viktor Vekselberg was accused by U.S. authorities of conspiring to commit bank fraud and money laundering. His superyacht was subsequently seized in Spain. (CNBC)
  2. According to data released today, U.S. coal prices broke above $100 for the first time since 2008. Internationally trading areas Central Appalachia and the Illinois Basin are seeing the highest surge in prices. (Bloomberg)
  3. Hertz stock is in the spotlight after a big EV deal. 
  4. Why these 2 China-based stocks got a boost today.
  5. Analyst says sentiment is souring for this retailer. 

No earnings of note today.

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Oil Reclaims $100

After logging their worst week since April of 2020, oil prices settled higher today, with May-dated crude adding $4.01, or 4%, to settle at $103.28 a barrel -- back above the psychologically-significant $100 level. Talks of further sanctions against Russia bolstered the commodity today. 

Amid lingering inflation concerns, gold futures inched higher today as well, following a 1.6% weekly loss. June-dated gold rose $10.30, or 0.5%, to settle at $1,934 an ounce.  

 




 
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