The Dow added 535 points today
Stocks managed to sustain their impressive rallies on Wednesday, which came on the heels of a consumer price index (CPI) that signaled cooling inflation. Traders are now hopeful the reading will inspire the Federal Reserve to revise its hawkish stance. In turn, the Dow registered a 535-point gain, while the Nasdaq also surged, with both settling at their highest level since May. Meanwhile, the S&P 500 snapped a four-day losing streak with its best single-day percentage win in two weeks, and the Cboe Volatility Index (VIX) saw its worst day since June 15.
Continue reading for more on today's market, including:
- Unpacking Nikola's newly announced CEO transition.
- Hasbro stock's options pits were running red-hot today.
- Plus, why beverage stock could keep climbing; revenue win boosts Trade Desk stock; and analysts brush off COIN's quarterly miss.
The Dow Jones Average (DJI - 33,309.51) gained 535.1 points, or 1.6% for the day. Walt Disney (DIS) led the gainers, adding 4%. Merck (MRK) paced the laggards, falling 0.4%.
The S&P 500 Index (SPX - 4,210.24) rose 87.8 points, or 2.1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,854.81) added 360.9 points, or 2.9% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 19.74) shed 2 points, or 9.3% for the day.
5 Things to Know Today
- Boeing (BA) delivered the first 787 Dreamliner since 2021 to American Airlines (AAL), after addressing manufacturing flaws that resulted in a pause. (CNBC)
- ARK Investment Management Founder Cathie Wood says the U.S. is already facing a recession, but that it could come out of it next year. (MarketWatch)
- Beverage stock looks poised to extend climb, per this bullish signal.
- A quarterly revenue win helped Trade Desk stock tear up the charts.
- Brokerage bunch unfazed by Coinbase Global's disappointing results.
Drop in U.S. Gas Inventories Boost Oil Prices
Oil prices finished higher on Wednesday, after U.S. gasoline inventories saw a steeper-than-expected fall, according to new Energy Information Administration (EIA) data. Plus, U.S. crude inventories rose 5 million barrels for the week, while refinery utilization came in above expectations at 94.3%. September-dated crude added $1.43, or 1.6%, to settle at $91.93 per barrel for the day.
Gold prices also higher as well, after today's economic data revealed inflation is cooling off. In addition, the U.S. dollar and Treasury yields pulled back, and brokerage J.P. Morgan Securities reduced its forecast for gold. In turn, December-dated gold rose $1.40, or 0.1%, to close at $1,813.70 an ounce.