Stocks Settle Higher as Investors Cling to Optimism

Fed Chair Jerome Powell noted price stability may require unpopular measures

Digital Content Manager
Jan 10, 2023 at 4:28 PM
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Stocks jumped back into positive territory this afternoon, with the Dow adding more than 186 points and the Nasdaq scoring a third-straight win, despite U.S. Federal Reserve Chairman Jerome Powell dodging the topic of economic policy in his latest remarks. Powell noted that restoring price stability may "require measures that are not popular," though. Investors are optimistic about what the rest of the year may bring, after the S&P 500 demonstrated some strength over those first five trading days -- usually a good omen for Wall Street. 

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

  • Defense stock to buy on the dip.
  • Five Below stock set to run higher.
  • Plus, analyst upgrades BMBL; job cuts boost crypto stock; and which chip name is a 2023 stock pick.

Closing Index Summary January 102023

NYSE and Nasdaq Stats January 102023

5 Things to Know Today 

  1. Former Trump Organization CFO Allen Weisselberg was sentenced to five months in jail after pleading guilty to tax fraud related to former President Donald Trump’s businesses. (CNBC)
  2. The U.S. dollar could form its first "death cross" since 2020, as the rally that brought the currency to its highest level in over 20 years unwinds. (MarketWatch
  3. Why this analyst is head over heels for Bumble stock.
  4. Which crypto stock got a boost after announcing layoffs.
  5. This semiconductor name is one of our top stock picks.

Earnings January 102023

 Unusual Options Activity January 102023

Oil Prices String 4th Consecutive Win

Oil prices scored their fourth consecutive gain on Tuesday, thanks in part to increasing economic optimism surrounding China and the euro zone. Plus, an Energy Information Administration (EIA) report showed record expectations for consumption of liquid fuels next year. February-dated crude rose 49 cents, or 0.7%, to settle at $75.12 per barrel.

Meanwhile, gold prices settled lower despite yesterday scoring their best settlement since May. Traders are currently looking to the consumer price index (CPI) reading for December. February-dated gold rose $1.30, or roughly 0.1%, to settle at $1,876.50 per ounce.

 

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