Benchmarks Regain Traction Following Friday's Steep Selloff

The major indexes recovered some ground today, following last week's Covid-induced selloff. Wall Street took solace in the fact that U.S. President Joe Biden said lockdowns and travel restrictions won't be considered in an effort to combat the new omicron Covid-19 variant. As a result, the Dow added 236 points, while the S&P 500 finished comfortably in the black as well. Tech stocks walked away as the biggest winner in today's recovery, leading the Nasdaq to score a triple-digit win for the session. Elsewhere, the CBOE Markey Volatility Index (VIX), or Wall Street's "fear gauge," shed some of Friday's gains to lock in its worst single-day percentage loss since March 2020.

The Dow Jones Average (DJI - 35,135.94) added 236.6 points or 0.7% today. (CRM) led the list of 18 Dow winners, gaining 4.4%, while Merck (MRK) shed 5.4% to pace the 12 laggards.

The S&P 500 Index (SPX - 4,655.27) gained 60.7 points, or 1.3% for the day, while the Nasdaq Composite (IXIC - 15,782.83) rose 291.2, or 1.9% today.

Lastly, the CBOE Market Volatility Index (VIX - 22.96) lost 5.7 points, or 19.8% for the day.

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Following its worst session of 2021 on Friday, oil prices recouped some losses today. Black gold's appeal was boosted by speculation that demand won't be dented as investors brush off fears of the new omicron Covid variant. In response, the front-month January-dated crude added 2.6%, or $1.80 to close at $69.95.

Meanwhile, gold prices pulled back, extending their losses from the previous week as the U.S. dollar gained strength while risk sentiment recovered in the wake of the latestCovid variant discovery. As a result, the now most active, February-dated contract for gold shed $2.90 or 0.2% to close at $1,785.20.

Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

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