Dow Logs 7th Straight as Wall Street Rally Gains Steam

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

Jake Scott

Deputy Editor

May 9, 2024 at 4:25 PM

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:

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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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