Stocks extended their midday gains to finish the day firmly higher, with the Dow closing up 344 points for its best single-session gain since March 24. The Nasdaq and S&P 500 turned in sizable wins as well -- snapping their three-day losing streaks in the process -- the former also posting its best gain since March 18. It was a busy day for investors, with the unofficial start to earnings season coupled with some hotter-than-expected inflation data. Despite this, sentiment on Wall Street, for a day at least, waxed optimistic on hopes that inflation has peaked, and bond yields are cooling off in response.
The Dow Jones Average (DJI - 34,564.59) rose 344.2 points or 1% for the day. Boeing (BA) led the gainers with a 3.7% rise, while JPMorgan Chase (JPM) dropped to the bottom of the index with a 3.2% loss.
The S&P 500 Index (SPX - 4,446.59) added 49.1 points, or 1.1%, for the day, while the Nasdaq Composite (IXIC - 13,643.59) rose 272 points, or 2% in today's session.
Lastly, the Cboe Market Volatility Index (VIX - 21.73) lost 2.5 points or 10.3% for the day.
GOLD PRICES NAB FIVE STRAIGHT
Oil prices rose for the day, buoyed by the prospects of Russia shedding more of its strategic reserves amid the ongoing Russia-Ukraine war. May-dated West Texas Intermediate (WTI) crude climbed $3.65, or 3.6%, to settle at $104.25 a barrel.
Gold prices rose for the fifth straight day, amid wholesale goods data. June-dated gold added $8.60, or 0.4%, to settle at $1,984.70 an ounce -- extending yesterday's one-month high.
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