The Dow and S&P 500 had their best day since Nov. 6
All three major indexes enjoyed healthy session wins, following this morning's cooler-than-expected consumer price index (CPI) reading. Bank earnings have been all the rage as well, with numerous big names sharing upbeat results for the fourth quarter. Today's pop helped the tech-heavy Nasdaq snap its five-day skid. Plus, the S&P 500 and Dow each marked a third-straight gain with a triple-digit pop, logging their best single-day percentage gains since Nov. 6.
Continue reading for more on today's market, including:
5 Things to Know Today
- China's RedNote media app is seeing a surge in downloads as TikTok users prepare for the latter's American ban. (Reuters)
- A ceasefire deal will move into effect Sunday between Israel and Hamas, which through several phases has the intention of releasing hostages and ending the 15-month war that's decimated Gaza. (CNBC)
- Quantum computing stocks enjoy another boost.
- EV battery supply deal pushes auto stock higher.
- Senior Quantitative Analyst Rocky White shares which stocks historically outperform during MLK week.
Oil Attempts Rebound; Inflation Update Drags Dollar
Cold fronts, a domestic decline in crude, and monthly forecasts from the Organization of the Petroleum Exporting Countries (OPEC) and International Energy Agency (EIA) sent oil higher after Tuesday's drop. February-dated West Texas Intermediate (WTI) crude added $1.45, or 1.9%, to settle at $78.95 per barrel.
Another day of inflation data weakening the U.S. dollar sent gold futures higher. Gold for January delivery added 1.3% to settle at $2,717.80 an ounce.