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U.S. stocks ended sharply higher on Wednesday, with oil prices pulling back as investors looked forward to another round of peace talks between Ukraine and Russia despite fierce fighting continuing in Ukraine. The rally was primarily led by tech and financial stocks. All the three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) climbed 2% or 653.61 points to close at 33,286.25 points.
The S&P 500 rose 2.6% or 10.7.18 points to end at 4,277.88 points, recording its best daily percentage gain since Jun 5, 2020. Tech and financial stocks were the biggest gainers.
The Technology Select Sector SPDR (XLK) and the Financials Select Sector SPDR (XLF) gained 4% and 3.7%, respectively. The Energy Select Sector SPDR (XLE) declined 3.1%. Nine of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq gained 3.6% or 459.99 points to finish at 13,255.55 points, recording its best day in terms of percentage gain since Mar 9, 2021.
The fear-gauge CBOE Volatility Index (VIX) was down 7.63% to 32.45. A total of 14 billion shares were traded on Wednesday, higher than the last 20-session average of 13.6 billion. Advancers outnumbered decliners on the NYSE by a 2.75-to-1 ratio. On Nasdaq, a 3.66-to-1 ratio favored advancing issues.
Investors Get Back Lost Confidence
After taking a beating on the first two days of the weeks, stocks made a dramatic comeback on Wednesday as investors somewhat shed their fears and looked forward to another round of diplomatic talks between Ukraine and Russia.
Investors are hopeful that the tensions in Eastern Europe will soon ease and the fresh round of peace talks between the two warring nations will soon come up with a solution. This came after Ukraine President Volodymyr Zelensky said that he is no longer pressing for a membership in NATO, the primary reason behind Russia’s invasion.
There were also reports that Zelensky is now open to a diplomatic solution to ongoing war. This saw investors regain some of the lost confidence. Also, oil prices pulled back sharply after this in the afternoon trading session. WTI crude oil fell more than 12%, or $15, to close at $108.7 per barrel, its lowest level since Nov 26, 2021.
Also, the Brent Crude oil fell 13% or $16.8 per barrel, recording it worst day since April 2020. Energy stocks were the biggest losers on Wednesday. Shares of Exxon Mobil Corporation (XOM - Free Report) declined 5.7%, while Chevron Corporation (CVX - Free Report) fell 2.5%. Chevron sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Tech and financial stocks led Wednesday’s rally, with shares of all major tech companies gaining. Shares of Meta Platforms, Inc. and Netflix, Inc. (NFLX - Free Report) jumped 4.3% and 5%, respectively. Alphabet Inc.’s (GOOGL - Free Report) shares also gained 5%.
Economic Data
Not much economic data was released on Wednesday. The Labor Department said that U.S. job openings declined marginally to 11.3 million in January after hitting a record high in the end of 2021.
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Stock Market News for Mar 10, 2022
U.S. stocks ended sharply higher on Wednesday, with oil prices pulling back as investors looked forward to another round of peace talks between Ukraine and Russia despite fierce fighting continuing in Ukraine. The rally was primarily led by tech and financial stocks. All the three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) climbed 2% or 653.61 points to close at 33,286.25 points.
The S&P 500 rose 2.6% or 10.7.18 points to end at 4,277.88 points, recording its best daily percentage gain since Jun 5, 2020. Tech and financial stocks were the biggest gainers.
The Technology Select Sector SPDR (XLK) and the Financials Select Sector SPDR (XLF) gained 4% and 3.7%, respectively. The Energy Select Sector SPDR (XLE) declined 3.1%. Nine of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq gained 3.6% or 459.99 points to finish at 13,255.55 points, recording its best day in terms of percentage gain since Mar 9, 2021.
The fear-gauge CBOE Volatility Index (VIX) was down 7.63% to 32.45. A total of 14 billion shares were traded on Wednesday, higher than the last 20-session average of 13.6 billion. Advancers outnumbered decliners on the NYSE by a 2.75-to-1 ratio. On Nasdaq, a 3.66-to-1 ratio favored advancing issues.
Investors Get Back Lost Confidence
After taking a beating on the first two days of the weeks, stocks made a dramatic comeback on Wednesday as investors somewhat shed their fears and looked forward to another round of diplomatic talks between Ukraine and Russia.
Investors are hopeful that the tensions in Eastern Europe will soon ease and the fresh round of peace talks between the two warring nations will soon come up with a solution. This came after Ukraine President Volodymyr Zelensky said that he is no longer pressing for a membership in NATO, the primary reason behind Russia’s invasion.
There were also reports that Zelensky is now open to a diplomatic solution to ongoing war. This saw investors regain some of the lost confidence. Also, oil prices pulled back sharply after this in the afternoon trading session. WTI crude oil fell more than 12%, or $15, to close at $108.7 per barrel, its lowest level since Nov 26, 2021.
Also, the Brent Crude oil fell 13% or $16.8 per barrel, recording it worst day since April 2020. Energy stocks were the biggest losers on Wednesday. Shares of Exxon Mobil Corporation (XOM - Free Report) declined 5.7%, while Chevron Corporation (CVX - Free Report) fell 2.5%. Chevron sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Tech and financial stocks led Wednesday’s rally, with shares of all major tech companies gaining. Shares of Meta Platforms, Inc. and Netflix, Inc. (NFLX - Free Report) jumped 4.3% and 5%, respectively. Alphabet Inc.’s (GOOGL - Free Report) shares also gained 5%.
Economic Data
Not much economic data was released on Wednesday. The Labor Department said that U.S. job openings declined marginally to 11.3 million in January after hitting a record high in the end of 2021.