Indexes closed the day higher after an intensely volatile last full week of January, as investors digest the Fed meeting, a slew of big-name earnings, and a historic comeback for the Dow. Chevron (CVX) is weighing heavy on the blue-chip index today, after reporting a disappointing earnings. Apple (AAPL) is providing some stability, however, and helped boost the blue-chip index to its best day of 2022 and tech-heavy Nasdaq to triple-digit gains. Meanwhile, the S&P 500 remains on track for its worst month since March 2020, but all three indexes managed a win for the week.
Continue reading for more on today's market, including:
- The latest name to jump aboard the S&P SmallCap 600.
- Weak earnings sends tech name to fresh annual low.
- Plus, earnings send blue-chip surging; 2 big 2022 correction developments; and the latest warning on Robinhood stock.
The Dow Jones Average (DJI - 34,725.47) climbed 564.69 points, or 1.7% for the day. Visa (V) led the gainers today, adding 10.6%, and Caterpillar (CAT) paced the laggards with a 5.2% drop. For the week, the Dow added 1.3%.
The S&P 500 Index (SPX - 4,431.85) moved 105.3 points higher, or 2.4%, while the Nasdaq Composite (IXIC - 13,770.57) tacked on 417.8 points, or 3.1%, for today's session. For the week, the indexes added 0.7% and 0.02%, respectively.
Lastly, the CBOE Volatility Index (VIX - 27.66) shed 2.8 points, or 9.3% for the day, and 4% for the week.
5 Things To Know Today
- Fourteen subpoenas have been issued by the House's Jan. 6 insurrection committee to a handful of "alternate electors," for former President Donald Trump. (MarketWatch)
- Per a judge ruling, California must continue to follow the net neutrality guidelines, which keep in place rules against internet providers interfering with web traffic.(CNBC)
- Record-setting earnings send this blue-chip surging.
- 2 important developments from the 2022 correction.
- Grave current-quarter warning slams Robinhood stock.
Oil Logs Impressive Daily, Weekly Wins
Oil logged an impressive six-week win streak today, alongside a daily close that settled at a seven-year high. Tensions surrounding Ukraine and Russian continue to add support to the increase in prices. March-dated oil added 21 cents, or nearly 0.2%, to settle at $86.82 per barrel. On the week, Oil added 2%.
Gold futures did not fare as well, however, marking their worst week in six, weighed down by the Fed's imminent rise in interest rates. The now most-active contract, April-dated gold, dropped $8.40, or 0.5%, to close at $1,786.60 per ounce. For the week, Gold shed 2.5%, its largest such decline since November.
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