SPX Hits Record Close, Dow Muted After FOMC Minutes

After a fairly suppressed day of trading, the Dow closed 16 points higher, while the Nasdaq finished with modest losses, and the S&P 500 inched its way to a record close. The Federal Open Market Committee (FOMC) minutes were at the forefront of investors minds today, showing a commitment to strong economic recovery and noting that more progress is needed before any policy changes. Bond yields moved little in response, still ending the day with a decline. Meanwhile, U.S. President Joe Biden stated that he is willing to negotiate the 28% corporate tax aspect of his infrastructure proposal, and will be meeting with lawmakers over the next few weeks.  

The Dow Jones Industrial Average (DJI - 33,446.26) added 16 points today, or 0.1%. JPMorgan Chase (JPM) topped the list of blue chips with a 1.6% pop, while Walt Disney (DIS) sunk to the bottom after shedding 1.1%. 

Meanwhile, the S&P 500 Index (SPX - 4,079.95gained 6 points, or 0.2%, and the Nasdaq Composite (IXIC - 13,688.84) lost 9.5 points, or 0.07% for the day.

Lastly, the Cboe Volatility Index (VIX - 17.16) lost 1 point, or 5.3%, today. 

Closing Indexes Summary 3 April 7

NYSE and Nasdaq Stats April 7

Earnings April 7

Unusual Options Activity April 7


Oil prices closed higher for the second-straight session after the Energy Information Administration (EIA) reported a 3.5 million-barrel fall in weekly U.S. crude inventories  -- much larger than the 700,000 expected -- though gasoline and distillate stockpiles climbed. May-dated crude rose 44 cents, or 0.7%, to settle at $59.77 per barrel.

Gold futures snapped a four-session winning streak today, settling just before the FOMC minutes were released. June-dated gold lost $1.40, or 0.1%, to settle at $1,741.60 an ounce.

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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