Stocks Rebound Amid Strong Jobs Data, Tech Rally

Investors are still eyeing the Fed's monetary policy plan

Deputy Editor

Apr 7, 2022 at 4:25 PM

Stocks struggled for direction most of the afternoon, but the Dow, S&P 500, and Nasdaq all ended up snapping their two-day losing streaks. Though there's still some angst over the Federal Reserve's latest plans, Wall Street cautiously rotated back into the tech sector today. Investors also unpacked better-than-expected initial weekly jobless claims data, which came in at 166,000 for last week -- their lowest level since 1968. Plus, U.S. consumer credit soared to an 11.3% annual rate in February, after the previous month's 2.4% gain.

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

Oil & gas stock could extend its recent rally.
Unpacking this pharma stock drop.
Plus, more on LEVI's earnings beat; and 2 stocks seeing analyst attention.

The Dow Jones Average (DJI - 34,583.57) added 87.1 points, or 0.3% for the day. Merck & Co (MRK) led the gainers with a 2.2% rise, while Visa (V) dropped to the bottom of the index with a 1.3% loss.

The S&P 500 Index (SPX - 4,500.21) gained 19.1 points, or 0.4%, for the day, while the Nasdaq Composite (IXIC - 13,897.30) rose 8.5 points, or 0.06% in today's session.

Lastly, the Cboe Market Volatility Index (VIX - 21.55) lost 0.6 point, or 2.5% for the day.

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5 Things To Know Today

Trading platform eToro unveiled a $20 million fund as part of its eToro.art initiative, which aims to support NFT creators and brands. (CNBC)
The U.S. Senate voted unanimously to ban the importation of Russian oil and suspend normal trade relations with Russia. (MarketWatch)
LEVI couldn't capitalize off an earnings beat.
Struggling Teladoc stock gets new "buy" rating.
SoFi Technologies slashed its full-year outlook.

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Gold Prices Rise After Fed Update

Oil prices inched lower, extending yesterday's three-week low. May-dated West Texas Intermediate (WTI) crude fell 20 cents, or 0.2%, to settle at $96.03 a barrel.

After volatile price movement following the Fed's monetary policy update, gold prices rose for the day. June-dated gold climbed $14.70, or 0.8%, to settle at $1,937.80 an ounce -- its highest settlement in a week.

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