Dow climbs 550 points as stock market bounces back
Amazon and Blue Origin founder Jeff Bezos blasted into space
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U.S. equity markets clawed back the lion's share of their previous day's losses as stocks battled back after the Dow suffered its steepest one-day decline in almost nine months.
The Dow Jones Industrial Average rose 550 points, or 1.62%, while the S&P 500 and the Nasdaq Composite advanced 1.52% and 1.57%, respectively. The strong gains came a day after the Dow lost 725 points, booking its worst day since October, as a resurgence of COVID-19 infections and ongoing inflation concerns rattled investors.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43870.35 | +461.88 | +1.06% |
| SP500 | S&P 500 | 5948.71 | +31.60 | +0.53% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18972.420086 | +6.28 | +0.03% |
Virgin Galactic Holdings Inc. and other space-related names were in focus after Amazon founder Jeff Bezos became the second billionaire to leave Earth’s atmosphere. Bezos’ Blue Origin LLC is not publicly traded.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SPCE | VIRGIN GALACTIC HOLDINGS INC. | 6.72 | +0.04 | +0.60% |
| JETS | ETF SERIES SOLUTIONS U S GLOBAL JETS ETF USD | 23.97 | +0.03 | +0.13% |
| AMZN | AMAZON.COM INC. | 198.38 | -4.50 | -2.22% |
In earnings, IBM revenue rose 3% over the prior quarter, the most in three years, amid strength in its cloud and consulting businesses. Both profit and revenue exceeded Wall Street estimates.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| IBM | INTERNATIONAL BUSINESS MACHINES CORP. | 222.34 | +7.73 | +3.60% |
Halliburton Co. reported quarterly profit climbed 33% as a rebound in crude oil prices spurred demand for oilfield services.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HAL | HALLIBURTON CO. | 31.87 | +0.67 | +2.15% |
Netflix Inc., Chipotle Mexican Grill Inc. and United Airlines Holdings Inc. are all set to release their quarterly results after Tuesday’s closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NFLX | NETFLIX INC. | 897.48 | +13.63 | +1.54% |
| CMG | CHIPOTLE MEXICAN GRILL INC. | 59.98 | +1.10 | +1.87% |
| UAL | UNITED AIRLINES HOLDINGS INC. | 94.40 | -0.23 | -0.24% |
In commodities, West Texas Intermediate crude oil gained $1 to $67.42 a barrel and gold advanced $2.20 to $1,810.90 an ounce.
Overseas markets were mixed.
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European bourses were higher across the board with France’s CAC 40 advancing 0.81%, Britain’s FTSE 100 rising 0.54% and Germany’s DAX 30 edging up 0.55%.
In Asia, Japan’s Nikkei 225 slid 0.96%, Hong Kong’s Hang Seng Index fell 0.84% and China’s Shanghai Composite lost 0.07%.