Dow Logs Highest Close Since Late August

Election Day tensions kept a lid on bigger gains, though

Managing Editor
Nov 8, 2022 at 4:32 PM
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The Dow stayed hot today, nabbing its third-straight win on the back of a 333-point gain. It was the blue-chip index's highest close since Aug. 25. The S&P 500 and Nasdaq turned in more modest wins though, as investor sentiment is dampened by the tensions of Election Day. Case in point, the Cboe Volatility Index (VIX) snapped a three-day losing streak and climbed back above the 25 level today.

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

  • Energy stock flashing a bullish signal.
  • Plenty of chart support in place for Nucor stock.
  • Plus, a sinking video game stock; RIDE calls pop; and construction stock put frenzy.

The Dow Jones Average (DJI - 33,160.83) added 333.83 points, or 1% for the day. Amgen (AMGN) paced the 27 gainers with a 5.6% win, while Walgreens Boots Alliance (WBA) led the laggards with a 0.8% drop. 

The S&P 500 Index (SPX - 3,828.11) tacked on 21.3 points, or 0.6% for the day. The Nasdaq Composite (IXIC - 10,616.20) rose 51.7 points, or 0.5% for the session.

Lastly, the Cboe Volatility Index (VIX - 25.54) added 1.2 point, or 4.9% for the session.



5 Things to Know Today 

  1. Russia and Vladimir Putin are saying the quiet part loud when it comes to interference in U.S. elections (MarketWatch)
  2. Cryptocurrency exchange giants Binance and FTX are joining forces, in an effort to save liquidity. Bitcoin (BTC) prices plummeted as a result. (Bloomberg)
  3. This video game stock is back below $100 today.
  4. Call traders cheered this Lordstown Motors news.
  5. Put traders can't get enough of this construction stock.



Gold Reclaims $1,700

The uncertainty of China's future Covid policy weighed on oil prices once more today. Should China remain tightly restricted, demand outlooks will suffer. December-dated crude shed $2.88, or 3.1% to trade at $88.91 per barrel.

Gold prices rose today, reclaiming the $1,700 level as the U.S. dollar and 10-year Treasury yield both retreat. December-dated gold added $35.50, or 2.1%, to settle at $1,716 an ounce -- its highest close since June.



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