Stocks gained momentum today after yesterday's sell-off, which was sparked by Covid-19 fears, with reopening plays rising alongside the energy and bank sectors. The Dow closed 550 points higher today, rebounding from its worst day since October of 2020, while the S&P 500 and Nasdaq bounced back as well. The 10-year Treasury yield, meanwhile, climbed from its five-month lows. Bitcoin, on the other hand, has been excluded from today's broad-market gains, holding below the $30,000 level, which it breached late Monday night.
The Dow Jones Average (DJI - 34,511.99) surged 550 points or 1.6%. Of the 30 Dow components, Boeing (BA) was at the top of the list today and erased yesterday's losses, adding 4.9%, while Merck & Co (MRK) landed at the bottom of the list with a 1.1% drop.
Meanwhile, the S&P 500 Index (SPX - 4,323.06) gained 64.6 points or 1.5%, and the Nasdaq Composite (IXIC - 14,498.88) tacked on 223.9 points, or 1.6%.
Lastly, the Cboe Volatility Index (VIX - 19.73) snapped its three-day win streak, losing 2.8 points or 12.3%, for the day.
OIL, GOLD BOTH REBOUND
Oil prices rose today, coming back from yesterday's steep 7.5% loss, as investors still weigh the Organization of the Petroleum Exporting Countries and its allies (OPEC+) production boost and the Covid-19 delta variant surge. August-dated crude added $1, or 1.5%, to end at $67.42 a barrel. The new front-month contract, September-dated crude, gained 85 cents, or 1.2%, to settle at $67.20.
Gold futures rose after two-straight days of losses. August-dated gold added $2.20, or 0.1%, to settle at $1,811.40 an ounce.
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