Strong Start to Earnings Season Helps Dow Add 338 Points

Resurgent Treasury yields capped the blue-chip index's gains, though

Digital Content Manager
Oct 18, 2022 at 4:28 PM
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Stocks extended their rallies on Tuesday, with the Dow adding 338 points on the heels of strong earnings results from Goldman Sachs (GS) and Johnson & Johnson (JNJ). The blue-chip benchmark was up more than 600 points at its sessions highs, but rising Treasury yields brought it back down to earth. The S&P 500 and Nasdaq scored solid wins of their own, despite the latter's brief foray into red territory. Elsewhere, the Cboe Volatility Index (VIX) logged its fourth loss in five sessions. 

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

The Dow Jones Average (DJI - 30,523.80) added 338 points, or 1.1% for the day. Salesforce (CRM) led the gainers, adding 4.3%, while Intel (INTC) paced the laggards with a 2.1% loss.

The S&P 500 Index (SPX - 3,719.98) rose 42 points, or 1.1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 10,772.40) gained 96.6 points, or 0.9% for the session.

Lastly, the Cboe Volatility Index (VIX - 30.50) dropped 0.9 point, or 2.8% for the session.

closing summary Oct18

nyse nasdaq Oct18

5 Things to Know Today

  1. Luxury automaker Rolls-Royce already has more than 300 U.S. buyers financially committed to its first electric vehicle (EV), which has a $413,000 price tag. (CNBC)
  2. eBay (EBAY) sellers are announcing toys from McDonald’s (MCD) "adult Happy Meals" for up to $300,000 after they sold out earlier in October. (MarketWatch)
  3. What made Goldman Sachs stock pop today.
  4. Top- and bottom-line beat boosted this blue-chip pharma stock.
  5. Now is the time to target Hershey stock.

Earnings Oct18

UVOL Oct18

Oil Prices Falls as Biden Looks to Boost Supplies

Oil prices tumbled on Tuesday, following reports that the Biden administration is set to release 10 to 15 million barrels from the U.S. Strategic Petroleum Reserve. President Joe Biden is expected to offer comments later today. November-dated crude dropped $2.64 cents, or 3.1%, to finish at $82.82 per barrel.

Gold prices settled lower as well, as investors weighed the likelihood of more interest rate hikes. The yellow metal also brushed off weakness in the U.S. dollar. December-dated gold shed $8.20, or 0.5%, to close at $1,655.80 an ounce.

 

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