Stocks Give Up Midday Gains As Selloff Continues To Grip Wall Street

Markets saw another dizzying pullback during the second half of Thursday's session, walking back on what was promising to be the Dow's best single-day session since mid-December. Instead, the blue-chip index finished the day with a paltry 7-point drop. Meanwhile, the S&P 500 and the Nasdaq closed in the red, with the latter notching its lowest settlement since May 19. The Cboe Volatility Index (VIX) -- Wall Street's fear gauge -- also settled lower today, snapping a six-day win streak. 

Investors continued to mull over yesterday's remarks from the Federal Reserve, which pointed to an interest rate hike as soon as this March. Meanwhile, today's fourth-quarter gross domestic product (GDP) jump ultimately did little to assuage markets. The GDP reading rose 6.9% since last year, topping economists' estimates.

The Dow Jones Average (DJI - 34,160.78) shed 7.3 points or 0.02% for the day. Dow Inc (DOW) led the gainers today, adding 5.2%, and Intel (INTC) paced the laggards with a 7% drop. 

The S&P 500 Index (SPX - 4,326.51) moved 23.4 points lower, or 0.5%, while the Nasdaq Composite (IXIC - 13,352.78) lost 189.3 points, or 1.4%, for today's session. 

Lastly, the CBOE Volatility Index (VIX - 30.59) shed 1.4 points or 4.3% for the day.

Closing Indexes Summary Jan 27

NYSE and Nasdaq Stats Jan 27

Corporate Earnings Jan 27

Unusual Options Activity Jan 27


Oil cooled from yesterday's multi-year highs as traders continued to monitor the Russia-Ukraine conflict. March-dated oil lost 74 cents, or nearly 0.9%, to settle at $86.61 per barrel.

The Federal Reserve's hints that a rate hike might be on the way helped strengthen the U.S. dollar, and in turn, weakened gold prices even further. Data showing the U.S. economy expanded 6.9% in the fourth quarter also weighed on the precious metal. February-dated gold dropped $36.60, or 2%, to close at $1,793.10 per ounce, marking its first settlement below the $1,800 mark since Jan. 10. 

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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