Dow Jumps 526 Points on Earnings, Consumer Confidence
The Dow soared 526 points today, as strong earnings from retail giant Nike (NKE) boosted sentiment on Wall Street ahead of the holidays. The S&P 500 and Nasdaq finished confidently higher as well, while the Cboe Volatility Index (VIX) fell for the fourth-straight day.
Upbeat U.S. consumer confidence data also provided tailwinds, as December's consumer confidence index exceeded expectations -- jumping to an eight-month high of 108.3. Investors unpacked existing home sales data as well.
Continue reading for more on today's market, including:
- Homebuilding stock flashing bull signal.
- How did options traders react to Nike stock today?
- Plus, a casino stock to watch; SBUX downgraded; and FDX's post-earnings pop.
5 Things to Know Today
- Former FTX CEO Sam Bankman Fried agreed to be extradited to the U.S. from the Bahamas, where he will face federal charges. (MarketWatch)
- The U.S. Pipeline Regulator has been reviewing special permits that waive certain operating requirements for pipelines, after a spill from Keystone Pipeline. (Reuters)
- Layers of pressure in place for casino stock.
- Starbucks stock hit with another downgrade.
- Pessimism surrounds FedEx stock despite upbeat earnings.
Oil Continues Rally After Drop in U.S. Inventories
Oil prices continued their rise after a drop in U.S. inventories. West Texas Intermediate (WTI) crude for January delivery added $2.06, or 2.7%, to settle at $78.29 per barrel.
Gold prices settled flat today, with February-dated gold settling at $1,825.40 per ounce.
