The Dow scored a 516-point pop
Stocks rose once again on Thursday, as investors sought value on speculation that inflation has reached its peak. The Dow added 516 points, logging its fifth-straight win thanks to upbeat retail earnings and corporate acquisition updates. Elsewhere, the S&P 500 and Nasdaq both charged higher, each locking in a second daily pop. In other news, jobs data came in slightly higher than the previous period and consensus estimates, totaling 218,000 for the week ending May 14.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 32,637.19) gained 516.9 points, or 1.6% today. Boeing (BA) added 4.7% to lead the long list of Dow winners, while Merck (MRK) shed 1.5% as the worst of three losers.
The S&P 500 Index (SPX - 4,057.84) added 79.1 points, or 2% for the day, while the Nasdaq Composite (IXIC - 11,740.65) jumped 305.9 points, or 2.7% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 27.50) lost 0.9 point, or 3.1% today.
5 Things to Know Today
- Home sellers are rushing to take advantage of the red-hot market. (CNBC)
- Time is running out for Congress to pass Big Tech antitrust bills. (MarketWatch)
- Macy's reiterated its 2022 sales outlook, raised profit guidance.
- Dollar Tree stock boosted by bargain hunters.
- Why analysts weren't convinced by Williams-Sonoma's earnings.
Oil Continues to Skyrocket
Oil futures booked a big gain on Thursday, with yesterday's U.S. crude and gasoline inventories data continuing to provide tailwinds. In addition, the European Union (EU) is continuing to phase out imports of Russian energy. As a result, July-dated crude rose $3.76, or 3.4%, to settle at $114.09 per barrel.
Gold prices, meanwhile. turned in a mediocre win today, after struggling for direction in the wake of the Fed's latest interest rate update. For the session, June-dated gold added $1.30, or 0.1%, to settle at at $1,847.60 an ounce.