Stocks Extend Recovery; Dow Rallies 286 Points
Dow Jones, S&P 500 and Nasdaq extend rally on Wednesday.
The Dow and broader U.S. stock market rose on Wednesday, as markets continued to recalibrate following a volatile start to the week.
All of Wall Street’s major averages were higher at the close, with the Dow Jones Industrial Average (DIA) rising 286.01 points, or 0.8%, to 34,798.00.
The broad S&P 500 Index (SPY) of large-cap stocks gained 0.8% to close at 4,358.69. Most primary sectors finished higher, with industrials and financials leading.
Meanwhile, the technology-focused Nasdaq Composite Index (QQQ) gained 0.9% to settle at 14631.95.
A measure of implied volatility known as the CBOE VIX (VXX) declined on Wednesday. The so-called “investor fear index” reached an intraday low of 17.81 on a scale of 1-100, where 20 represents the historical average. It would eventually settle down 9.1% at 17.93.
In commodities, oil prices rose on Wednesday, as U.S. West Texas Intermediate futures gained $3.00, or 4.5%, to $70.20 a barrel on the New York Mercantile Exchange. Brent, the international futures contract, climbed $2.81, or 4.1%, to $72.16 a barrel.
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In precious metals, gold prices declined on Wednesday, as the August futures contract fell $7.00, or 0.4%, to $1,804.40 a troy ounce on the Comex division of the New York Mercantile Exchange. Silver futures gained 35 cents, or 1.4%, to $25.34 a troy ounce.
The Final Word: Covid-19 cases appear to be ramping up again in the United States and globally, raising concerns that the new Delta variant could impact public health and the economy.