The major benchmarks scored big wins on Thursday, though earlier in the session, all three slipped to their lowest levels since 2020 due to September's hotter-than-expected consumer price index (CPI), which revealed inflation is up 8.2% year-over-year. The Dow added 827 points and logged its best day since November 2020, while the S&P 500 and Nasdaq scored solid wins of their own, with all three major indexes nabbing their first win in seven sessions.
Bank and energy names were responsible for a large portion of these gains, though Big Tech and chip stocks also rallied. Though today's CPI reading may lead to a more hawkish U.S. Federal Reserve down the line, many on Wall Street might be speculating that inflation will soon reach its peak.
The Dow Jones Average (DJI - 30,038.72 ) added 827.9 points or 2.8% for the day. JPMorgan Chase (JPM) led the gainers, adding 5.6%. No blue-chip stocks settled lower.
The S&P 500 Index (SPX - 3,669.91) rose 92.9 points, or 2.6% for the day. Meanwhile, the Nasdaq Composite (IXIC - 10,649.15) gained 232.05 points or 2.2% for the session.
Lastly, the Cboe Volatility Index (VIX - 31.94) dropped 1.6 points or 4.9% for the session.
OIL PRICES SNAP LOSING STREAK ON EIA DATA
Oil prices edged higher on Thursday to snap their three-day losing streak. Boosting black gold was a weekly drop in distillate supplies of almost 5 million barrels, according to Energy Information Administration (EIA) data. November-dated crude added $1.84, or 2.1%, to close at $89.11 per barrel.
Meanwhile, gold prices settled lower, following the hotter-than-expected inflation data. December-dated gold shed 50 cents, or less than 0.1%, to close at $1,677 an ounce, and traded as low as $1,648.30 earlier in the session.
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