Stocks Roar Back to Life, Dow Adds Another 332 Points

Investors managed to brush off a second-straight GDP contraction

Digital Content Manager
Jul 28, 2022 at 4:29 PM
facebook twitter linkedin


Stocks saw a midday reversal as investors tried to look past another quarterly contraction in the gross domestic product (GDP). While this marks the GDP's second-straight contraction, Wall Street's hope is that this apparent slump in the economy will help prompt the U.S. Federal Reserve to taper off on its aggressive interest rate hike program. By Thursday's close, the Dow was up 332 points, while the S&P 500 and Nasdaq each logged another daily win as well. 

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

  • 3 solar stocks that benefited from the latest climate change buzz. 
  • Latest tech giant gearing up for the earnings confessional. 
  • Plus, another alternative energy name options traders targeted; ETSY hit with bull notes; and BHC's 27-year low.

The Dow Jones Average (DJI - 32,529.63) gained 332.04 points, or 1% for the day. Nike (NKE) led the gainers, adding 4.1%, while Travelers (TRV) paced the laggards, falling 2%.

The S&P 500 Index (SPX - 4,072.43) jumped 48.8 points, or 1.2% for the day. Meanwhile, the Nasdaq Composite (IXIC -12,162.59) tacked on 130.2 points, or 1.1% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 22.33) lost 0.9 point, or 3.9% for the day. 

closing summary July28

nyse nasdaq July28

5 Things to Know Today

  1. The select House committee investigating the Jan. 6 capital riot interviewed former Trump White House acting chief of staff Mick Mulvaney, who resigned the day after the riot took place. (CNBC)
  2. Mike Wilson at Morgan Stanley called the market's post-Fed bounce a "trap," noting that he thinks expectations that interest rate hikes will soon slow is "premature."(MarketWatch)
  3. How the shares of Bloom Energy cleared a key trendline. 
  4. The e-tail giant blasting higher after earnings
  5. What sent Bausch Health stock to a 27-year low. 

Earnings July28

UVOL July28

Gold Logs Best Day Since March

The GDP's contraction and subsequent recession fears weighed on oil prices today. In response, September-dated crude lost 84 cents, or 0.9%, to settle at $96.42 per barrel. 

Gold logged its second-straight gain and its best day since March after the precious metal's initial Fed-inspired rally was further exacerbated by money managers in short covering mode. October-dated gold added $31.20, or 1.8%, to close at $1,750.30 per ounce.

 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

Schaeffer's Investment Research Stock Pick Report
 


 


 
Special Offers from Schaeffer's Trading Partners