The April selloff continued today, with yesterday's rebound proving to be short-lived. Investor sentiment turned sour as Wall Street pondered the global economy amid lockdowns in China, as well as comments from a Russian official about the threat of nuclear war.
The Dow finished the day with an 809-point loss, while the Nasdaq closed 514 points lower -- its worst single-session drop since Feb. 3 to mark its lowest close since March 2021 -- as investors turned away from tech ahead of key earnings reports. The S&P 500 finished deep in the red as well, while the Cboe Market Volatility index (VIX), Wall Street's "fear index," surged to its highest close since March 9.
The Dow Jones Average (DJI - 33,240.18) plummeted 809.3 points or 2.4%. Chevron (CVX) topped the list of Dow members with a 0.6% fall, while Nike (NKE) sank to the bottom after shedding 5.8%.
The S&P 500 Index (SPX - 4,175.20) fell 120.9 points, or 2.8%, while the Nasdaq Composite (IXIC - 12,490.74) dropped 514.1 points, or 4%.
Lastly, the Cboe Market Volatility Index (VIX - 33.52) rose 6.5 points or 24.1%.
Black Gold Crosses Into $100 Again
Oil prices rose today, closing back above the $100 mark after China's central bank said it would take steps to support the economy. Concerns regarding the country's lockdowns weighed on the commodity yesterday. Meanwhile, news came that Germany will make moves to replace Russian oil supplies, while Russia will halt gas flows to Poland tomorrow. June-dated West Texas Intermediate (WTI) crude added $3.16, or 3.2%, to close at $101.70 a barrel.
Gold futures snapped a five-day losing streak, bouncing back from yesterday's two-month low. June-dated gold rose $8.10, or 0.4%, to settle at $1,904.10 an ounce.
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