Dow Jumps 197 Points as VIX Falls Further
The 'fear gauge' dropped for a sixth straight day
The Dow rallied nearly 200 points today, nabbing a sixth straight win and its highest close in three weeks. Soft inflation data sparked the risk-on session, with stocks also benefiting from an extended push higher from oil prices. The Nasdaq and S&P had even bigger days on a percentage basis, thanks in part to a strong showing from the tech sector -- namely semiconductor stocks, which gained ahead of this evening's Nvidia earnings release. As a result, the VIX suffered again, falling for a sixth straight session.
Continue reading for more on today's market, including:
3 stocks gaining on big solar news in California.Options traders are blasting this retail ETF. The stock up more than 500% in 2018 on Fortnite tailwinds. Plus, Roku's huge week; 2 FAANG stocks to watch; and Dick's screaming "buy."The Dow Jones Industrial Average (DJI - 24,739.53) had a strong showing today, closing up 197 points, or 0.8%, with 29 of the 30 Dow components closing with gains. The biggest winner was Exxon Mobil (XOM), which gained 2.2%, and the lone loser was Nike (NKE), as shares of the athletic apparel company dipped 0.04%.
The S&P 500 Index (SPX - 2,739.53) rose 25.3 points, or 0.9%, while the Nasdaq Composite (IXIC - 7,404.98) added 65.1 points, or 0.9%.
The Cboe Volatility Index (VIX - 13.23) closed down 0.2 point, or 1.4%, and briefly dipped below 13.
5 Items on Our Radar Today
House Democrats today released thousands of Russian-bought Facebook ads from before the 2016 election. The ads were centered around a number of sensitive topics, such as racial divisions, illegal immigration, and care for veterans. (USA Today)Obama-era net neutrality rules are set to end on June 11, according to the Federal Communications Commission (FCC). The FCC voted to overturn net neutrality rules back in December, and a number of states and other groups have since sued to prevent the change. (Reuters)Roku stock is pacing for its best week of the year. These 2 FAANG stocks have cheap options. How Dick's Sporting Goods just flashed a "buy" signal.
Data courtesy of Trade-Alert
Oil, Gold Prices Climb
Oil prices again ticked higher, overcoming losses from early in the day. June-dated crude futures added 22 cents, or 0.3%, and closed at $71.36 per barrel.
Gold snapped a four-session losing streak today, as the dollar softened following the inflation data. June-dated gold rose $9.30, or 0.7%, to end at $1,322.30 an ounce.