The Dow and the S&P both enjoyed their biggest one-day jumps since April 6
Stocks hurtled higher today, thanks to a combination of this morning's positive early stage test results for Moderna's (MRNA) potential COVID-19 vaccination, coupled with Fed Chair Jerome Powell's apparent willingness to further help the U.S. economy. The Dow notched a roughly 911 point win, surgingat the close for its best day since April 6. The S&P also enjoyed its best day since early April, while the Nasdaq saw a sizable gain as well, with all three benchmarks securing a three-day win streak.
Continue reading for more on today's market, including:
Options bears, analysts blitz Square stock. How options traders reacted to Moderna's day in the sun.Plus, Cinemark stock brushes off bear note; URBN gears up for earnings; and Best Buy stock gets an upgrade.
The Dow Jones Industrial Average (DJI - 24,597.37) added almost 912 points, or 3.9% today. All but one blue chip finished in the black, the exception being Merch (MRK) which lost 0.1%. Boeing (BA) was in the lead with a 12.9% gain.
The S&P 500 Index (SPX - 2,953.91) added 90.2 points for the day, or 3.2%, while the Nasdaq Composite (IXIC - 9,234.83) ended 220.3 points, or 2.4%, higher.
The Cboe Volatility Index (VIX - 29.30) lost 2.6 points, or 8.1%.
Data courtesy of Trade-Alert
Oil futures clocked a two-month high today as optimism over a potential cure for the coronavirus stoked expectations for an uptick in demand. June-dated crude added $2.39, or 8.1%, to settle at $31.82 a barrel.
Gold futures lost traction today, as hopeful investors turned back towards stocks and away from safe-haven assets. Gold for June delivery lost $21.90, or 1.3%, to settle at $1,734.40 an ounce.