Dow Logs Best Session Since May 2020 on Inflation Hopes

The VIX fell to a nearly two-month low

Deputy Editor
Nov 10, 2022 at 4:25 PM
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Wall Street roared back to life in a big way today, with the Dow adding more than 1,200 points and scoring its best single-session gain since May 2020, on the back of October's encouraging inflation data. The S&P 500 and tech-heavy Nasdaq each tacked on triple digits as well, as economists hope the better-than-expected reading is a sign that inflation has hit its peak. The resulting fall in Treasury yields is also making a splash, and Wall Street's "fear gauge," the Cboe Volatility Index (VIX), fell to its lowest level in nearly two months.

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

  • Software stock nabs best session in 13 years.
  • Cisco stock faces off with key trendline.
  • Plus, LOW put activity ramping up; and two earnings reports to unpack.

The Dow Jones Industrial Average (DJI - 33,715.37) added 1,201.43 points, or 3.7% for the day. Salesforce.com (CRM) added 10% to secure its spot as the Dow's best performer today. McDonald's (MCD), meanwhile, was the only laggard, losing 0.7%.

The S&P 500 Index (SPX - 3,956.37) tacked on 207.8 points, or 5.5% for the day. The Nasdaq Composite Index (IXIC - 11,114.15) climbed 761 points, or 7.4% for the session.

Lastly, the Cboe Volatility Index (VIX - 23.53) shed 2.6 points, or 9.8% for the session.

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5 Things to Know Today 

  1. It's not looking good for cryptocurrency exchange FTX, as it battles new fraudulent allegations. (MarketWatch)
  2. United Internet AG is receiving a host of suitors for its initial public offering (IPO). The German web hosting business can count JPMorgan Chase (JPM), Deutsche Bank (DB), and Berenberg as among those interested. (Bloomberg)
  3. Put traders can't be thrilled about Lowe's stock today.
  4. EV stock brushes off quarterly miss.
  5. AstraZeneca stock secures post-earnings pop.

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Oil, Gold Prices Soar After Inflation Reading

Oil prices posted their first gain in four sessions, thanks to a dip in the greenback that followed the inflation data in the U.S. December-dated crude added 64 cents, or 0.8% to trade at $86.47 per barrel.

Gold prices also popped, thanks to today's inflation data, with December-dated gold adding $40, or 2.3%, to settle at $1,753.70 an ounce.

 

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