The S&P 500 also notched a solid win
Strong gross domestic product (GDP) data eventually brought tailwinds to Wall Street, with the economy expanding a better-than-expected 2.9% in the fourth quarter. The Dow added 205 points, while the tech-heavy Nasdaq scored a triple-digit gain, thanks partially to upbeat earnings results from Tesla (TSLA). The S&P 500 settled firmly higher as well, with investors now eyeing next week’s Federal Reserve policy meeting, which could bring a 25 basis point rate hike.
Continue reading for more on today's market, including:
- Casino stock upgraded after earnings.
- Setting up investing resolutions for 2023.
- Plus, unpacking Tesla's quarterly win; keep tabs on this energy stock; and analyst turns bearish on PFE.
5 Things to Know Today
- Sam’s Club, which is owned by Walmart (WMT), plans to open more than 30 new U.S. clubs after seeing sales and memberships rise during the pandemic. (CNBC)
- The U.S. Food & Drug Administration (FDA) asked Congress to create a regulatory pathway for CBD, after noting it will not regulate it. (MarketWatch)
- Tesla stock lured in options bulls with record revenue.
- This red-hot energy stock looks poised for more highs.
- Pfizer stock downgraded on lower Covid-19 expectations.
Gold Prices Snap 5-Day Win Streak
Oil prices settled higher on Thursday, as investors remained hopeful that demand from China will pick up as the country eases Covid-19 restrictions. March-dated crude added 86 cents, or 1.1%, to settle at $81.01 per barrel.
Meanwhile, gold prices settled lower and snapped their five-day win streak. Strong GDP growth weighed on the yellow metal, with investors expecting the Federal Reserve to maintain a hawkish stance. February-dated gold shed $12.60, or 0.7%, to settle at $1,930 per ounce.