Stocks Enjoy Quick Comeback To End The Week

The Dow closed 227 points higher today, as the broader market swiftly brushed off yesterday's concerns regarding Biden's tax plan, while the S&P 500 Index and Nasdaq finished firmly in the black as well. Bank and tech stocks gave the market a boost, however, today's rally wasn't enough to cover the week's entire deficit, with all three benchmarks notching modest weekly losses.

Meanwhile, investors had plenty of economic data to unpack as well. According to new home sales data for March, new homes were bought at their fastest pace since 2006, at a seasonally-adjusted annual rate of 1.021 million. Furthermore, the IHS Market U.S. composite purchasing managers index rose to 62.2 in April -- a record high.  

The Dow Jones Industrial Average (DJI - 34,043.49) rose 227.6 points, or 0.7% for the day, shedding 0.5% for the week. Goldman Sachs (GS) topped the list of blue chips with a modest 2.6% gain, while Intel (INTC) landed at the bottom after dropping 5.3%. 

The S&P 500 Index (SPX - 4,180.17) added 45.2 points, or 1.1% for the day, dipping 0.1% for the week. Meanwhile, the Nasdaq Composite (IXIC - 14,016.81) gained 198.4 points or 1.4% for the day and lost 0.2% for the week.

Lastly, the Cboe Volatility Index (VIX - 17.33) lost 1.4 points, or 7.4% for the day, and 6.6% for the week.

Closing Indexes Summary April 23

NYSE and Nasdaq Stat APril 23

Earnings April 23

Unusual Options Activity April 23


Oil prices gained for a second day after economic data gave energy demand sentiment a boost. June-dated crude added 71 cents, or 1.2%, to settle at $62.14 a barrel for the day, however, prices still lost 1.6% for the week. 

Gold futures ended lower for the second straight day, after the rise in bond yields. June-dated gold fell $4.20, or 0.2%, to settle at $1,777.80 an ounce. For the week, gold prices finished down around 0.1%.  

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