Dow Extends Win Streak Ahead Of Key Inflation Data
The Dow added 305 points on Wednesday, extending its win streak for a third-straight session, as investors unpacked more upbeat earnings reports. The Nasdaq and S&P 500 also walked away with solid wins, as the 10-year Treasury yield pulled back from its recent highs, and traders continued to rotate back into the tech sector. Wall Street's "fear gauge," also known as the Cboe Volatility Index (VIX), logged its fourth consecutive loss.
Investors are now eyeing tomorrow's inflation report, which could prompt action from the Federal Reserve. They will also have quarterly results from Walt Disney (DIS) and Uber Technologies (UBER) to work through, both of which just stepped into the earnings confessional.
The Dow Jones Average (DJI - 35,768.06) added 305.3 points or 0.9% for the day. Walt Disney (DIS) led the gainers with a 3.3% pop, while Amgen (AMGN) paced the laggards with a 1.6% drop.
The S&P 500 Index (SPX - 4,587.18) rose 65.6 points, or 1.5% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,490.37) gained 295.9 points or 2.1% for today's session.
Lastly, the Cboe Volatility Index (VIX - 19.96) shed 1.5 points or 6.9% for the day.
GOLD SCORES FOURTH-STRAIGHT WIN AS BOND YIELDS FALL
Oil prices were higher on Tuesday, though black gold still finished below the $90 mark. Negotiations between the U.S. and Iran over a nuclear deal continued to weigh, though an agreement appears to be far off. March-dated crude rose 30 cents, or 0.3%, to settle at $89.66 per barrel for the day.
Meanwhile, gold prices extended their win streak for a fourth-straight session. Lower global bond yields boosted the yellow metal today, though investors are now eyeing Thursday's inflation report. In turn, April-dated gold added $8.70, or 0.5%, to close at $1,836.60 per ounce.
Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...
more