Dow Logs 7th Straight as Wall Street Rally Gains Steam

The Treasury market and Wall Street's "fear gauge" both took a step back

Deputy Editor
May 9, 2024 at 4:25 PM
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Wall Street left pessimism in the dust today, after jobless claims boosted hopes of an interest rate cut before the year's end. Elsewhere, strong demand at a bond auction pushed Treasury yields lower, with the 10-year note shedding more than two basis points to breach 4.5%.

In response, the Dow added 331 points for its seventh-straight win and best single-session gain since March 27. The S&P 500 and Nasdaq were also confidently higher, while the Cboe Volatility Index (VIX) closed at its lowest level since early February. 

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

  • 2 cheap biotech stocks to watch right now.
  • Fintech stock flashing bull signal.
  • Plus, a cheap trading strategy; ANBN's dreary forecast; and HOOD's earnings.

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5 Things to Know Today

  1. Sinclair is exploring the sale of more than 30% of its broadcast stations. (CNBC)
  2. Israel is taking aim at Rafah after ceasefire talks fell through. (Reuters)
  3. How to find cheaper options.
  4. Gloomy outlook shutters vacation rental stock.
  5. Breaking down Robinhood Market's earnings. 

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Oil Prices Post Back-to-Back Wins

Oil prices logged another win, posting back-to-back gains despite weakness in domestic gasoline demand. At last check, June-dated West Texas Intermediate (WTI) crude was up 27 cents, or 0.6%, at $79.26 a barrel.

Gold prices fell after today's economic data. June-dated gold futures added $27.60 to trade at $2,349.60 per ounce, at last check.  

 

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