Dow, S&P 500 Close At Record Highs

Oil prices rallied alongside U.S. equities

Deputy Editor
Jan 22, 2024 at 4:24 PM
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Even after pulling back from intraday highs, Wall Street still managed to log its third-straight win. The Dow and S&P 500 both scored record high closes, while the Nasdaq finished at its highest level since January 2022. Alongside the CME Group's FedWatch Tool's revised rate cut chance, investors are also eagerly awaiting this week's slate of inflation data that could guide the Federal Reserve's monetary policy. 

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

  • Pharmacy stock poised to outperform this year.
  • Put traders blasted this embattled airline stock.
  • Plus, new SPX trendline; United Airlines' upcoming earnings; and why ADM sank today.

closing summary jan22

nyse nasdaq jan22

5 Things to Know Today

    1. Shares of Spirit Airlines (SAVE) rebounded after the company and JetBlue (JBLU) said they would appeal the ruling that blocked the airlines' planned merger. (CNBC)
    2. OpenAI is under fire as the U.S. Justice Department and the Federal Trade Commission (FTC) discuss which agency can probe the ChatGPT creator. (Politico)
    3. The SPX's record highs put it near a bullish trendline.
    4. Blue-chip airliner preparing for quarterly report.
    5. SEC probe pressured food processing and commodities trading stock.

    There were no earnings of note today.

    UVOL Jan22

    Oil Prices Rally Alongside Wall Street

    Oil prices found support from Wall Street's rally that increased hopes for the economy and energy demand. For the session, March-dated West Texas Intermediate Crude (WTI) rose $1.51, or 2.1%, to finish at $74.76 a barrel on the day.

    Gold prices, meanwhile, fell after expectations began to lower for an interest rate cut in March. At last look, February-dated gold was down $7.10, or 0.4%, to settle at at $2,022.20 for the session.

     

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