Stock Market News For Feb 7, 2018
Zacks Investment Research | Feb 06, 2018 09:25PM ET
Markets roared back to life on Tuesday after Dow rose more than 500 points to end in positive territory. Despite persistent volatility, the session brought an end to the sell-off which had persisted for two consecutive sessions. All the major benchmarks ended in the green. The market’s fear-gauge also subsided to finish lower.
The Dow Jones Industrial Average (DJI) increased 2.3%, to close at 24,912.77. Further, the S&P 500 rose 1.7% to close at 2,695.14. The tech-laden Nasdaq Composite Index closed at 7,115.88, gaining 2.1%. The fear-gauge CBOE Volatility Index (VIX) decreased 16.1% to close at 31.30. A total of more than 12.3 billion shares were traded on Tuesday — the highest volume of trade since the Presidential elections of November 2016.
Dow’s Roller Coaster Journey
The Dow experienced a near 1,000-point swing on Tuesday, to finally end 567 points higher. This rally in the blue-chip index was its best in terms of percentage gains since the Presidential elections of November 2016. Coincidentally, the Dow was down by as much as 567.01 points earlier in the session. This marked its session low for Tuesday. Following this, the Dow rose by 600.48 points over the rest of the trading session, fluctuating 1,167.49 points in the process.
DowDuPont Inc. (NYSE:DWDP) surged 6% and was the best performing component of the blue-chip index. On Monday, the Dow lost a staggering 1,175.21 points to close below 25,000, giving up all its gains for 2018. Following the decline, the Dow slipped into negative zone for the year. However, the blue-chip index roared back into positive territory following Tuesday’s stupendous gains.
What Did the other Major Benchmarks Do?
The S&P 500 amassed 46.2 points to end in the green. Of the 11 major sectors of the S&P 500, nine ended in the positive territory with materials and technology leading the gainers. The Materials Select Sector SPDR ETF (XLB) and the Technology Select Sector SPDR ETF (NYSE:XLK) gained 3.2% and 2.8%, respectively.
Meanwhile, the Nasdaq gained 148.4 points to end in the green, following a rally in tech shares. Shares of tech behemoths such as Apple (NASDAQ:AAPL) , Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN) gained 4.2%, 3.8% and 3.8%, respectively. You can see Zacks Investment Research
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