S&P 500 Snaps Losing Streak as Stocks Bounce

The Dow and Nasdaq closed with triple-digit wins

Deputy Editor
Dec 8, 2022 at 4:27 PM
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Stocks finished confidently higher today for the first time this week, as Wall Street brushed off the latest Fed fatigue. Both the Dow and Nasdaq secured triple-digit wins --the former's first of the month -- while the S&P 500 snapped its five-day losing streak.

Jobs data was front and center today, as initial and continuing unemployment claims rose last week. While that is typically negative news, today it encouraged those investors convinced that a weakening labor market indicates inflation may soon cool off. Elsewhere, the Cboe Volatility Index (VIX) snapped its three-day win streak. 

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

  • Bank stock flashing historically bullish signal. 
  • Options traders eye embattled Beyond Meat stock
  • Plus, UL in the spotlight; XOM bucking the oil sector slump; and CRM downgraded. 

Closing Indexes Summary Dec 8

NYSE and Nasdaq Stats Dec 8

5 Things to Know Today 

  1. U.S. basketball star Brittney Griner has been released from Russian custody in a prisoner swap with notorious arms dealer and "merchant of death" Viktor Bout. (The New York Times)
  2. Latest update on the FTX collapse: FTX's bankruptcy team is meeting with federal prosecutors in Manhattan. (Bloomberg)
  3. Unilever considering billion-dollar sale
  4. This blue-chip oil stock just made investors very happy. 
  5. Analyst: short-term headwinds for Salesforce stock. 

Corporate Earnings Dec 8

Unusual Options Activity Dec 8

Oil Prices End Lower Despite Pipeline Shutdown

Oil prices fell for the fifth-straight day, though prices briefly rose after an oil spill in a Kansas creek shut down the Keystone pipeline. West Texas Intermediate (WTI) crude for January delivery dropped 55 cents, or 0.8%, to settle at $71.46 a barrel on the New York Mercantile Exchange. 

Gold prices rose for the third day to finally settle back above the $1,800 level. February-dated gold added $3.50, or 0.2%, to settle at $1,801.50 per ounce.

 

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