S&P 500 Snaps Winning Streak As Investors Take Profits
Investors moved to take profits, as they look ahead to key inflation data following a record-setting bull run for the major benchmarks. October producer price index (PPI) data is also under the microscope, where year-over-year wholesale prices surged 8.6%. The S&P 500 snapped its eight-day win streak, its longest run since April 2019. Meanwhile, the Dow shed over 100 points, and the tech-heavy Nasdaq also logged a notable loss, dragged down by Tesla (TSLA), which fell over 10%.
The Dow Jones Average (DJI - 36,319.98) gained 112.2 points or 0.3% for the day. The Dow's best performing component today was Nike (NKE), which added 1.2%, while Visa (V) rounded out the bottom with a 3.2% drop.
The S&P 500 Index (SPX - 4,685.25) added 16.5 points, or 0.4% for the day, while the Nasdaq Composite (IXIC - 15,886.54) tacked on 95.8 points, or 0.6% for the day.
Lastly, the CBOE Market Volatility Index (VIX - 17.78) added 1 point, or 3.3% for the day.
OIL PRICES RISE TO HIGHEST LEVEL IN 2 WEEKS
Oil prices rose for a third-straight session, as travel bans were lifted in the U.S. and global post-pandemic recovery hopes were boosted. In turn, the demand for black gold was strengthened, while supplies remain restrained. In response, December-dated crude added $2.22, or 2.7% to settle at $84.15 a barrel-- its highest mark in two weeks.
Meanwhile, gold prices pulled back from their highest level since September, as the U.S. dollar firmed. Looking ahead, investors are awaiting U.S. inflation data, which will further impact bullions appeal. December-dated gold rose $2.80 or, 0.2%, to settle at $1,830.80 on the day.
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