Dow Surges 950 Points; S&P 500 Rises 3%

Dow Surges 950 Points; S&P 500 Rises 3%

U.S. stocks traded higher toward the end of trading, with the Dow Jones jumping around 950 points on Thursday.

The Dow traded up 3.27% to 30,164.64 while the NASDAQ rose 2.61% to 10,688.73. The S&P 500 also rose, gaining, 3% to 3,684.45.

Also check this: Volatility In Markets Edges Lower Following PPI Data


Leading and Lagging Sectors


Energy shares jumped by 4.4% on Thursday. Leading the sector was strength from Nine Energy Service, Inc. NINE and Core Laboratories N.V. CLB.


In trading on Thursday, consumer discretionary shares rose by just 1.2%.


Top Headline

 

The annual inflation rate in the US eased for the third straight month to 8.2% in September, the lowest in seven months, down from 8.3% in the previous month. However, analysts were expecting a reading of 8.1%.

 

Equities Trading UP

 

  • Laser Photonics Corporation LASE shares shot up 41% to $4.13 after the company announced the Coca-Cola Company recently completed the implementation of its first CleanTech Handheld Laser Blasting system in its manufacturing facilities.
  • Shares of Digital World Acquisition Corp. DWAC got a boost, shooting 13% to $18.00 following Wednesday reports suggesting Google has approved the Truth Social app on the Google Play Store. Digital World is the SPAC merger partner of Truth Social owner Trump Media & Technology.
  • Albertsons Companies, Inc. ACI shares were also up, gaining 12% to $28.80. Kroger is said to be in talks to combine with rival Albertsons, Bloomberg said.


Equities Trading DOWN

  • Relmada Therapeutics, Inc. RLMD shares tumbled 79% to $6.66 after the company announced its RELIANCE III study did not achieve its primary endpoint.
  • Shares of Pintec Technology Holdings Limited PT were down 19% to $0.7375 after jumping 216% on Wednesday.
  • Otonomy, Inc. OTIC was down, falling 53% to $0.1225 after the company reported higher dose cohorts for OTO-413 demonstrated no clinically meaningful improvement for patients from baseline.


Also check out: Cameco, Kinnate Biopharma And Other Big Losers From Wednesday


Commodities

In commodity news, oil traded up 2.1% to $89.10, while gold traded down 0.2% at $1,673.60.


Silver traded down 0.4% to $18.87 on Thursday while copper rose 1.2% to $3.4655.


Euro zone


European shares were higher today. The eurozone’s STOXX 600 rose 0.85%, London’s FTSE 100 rose 0.35% while Spain’s IBEX 35 Index rose 1.21%. The German DAX climbed 1.51%, French CAC 40 rose 1.04% and Italy’s FTSE MIB Index gained 1.56%.

Annual inflation rate in Germany was confirmed at a rate of 10% for the month September.

 

Economics

 

  • The annual inflation rate in the US eased for the third straight month to 8.2% in September, the lowest in seven months, down from 8.3% in the previous month. However, analysts were expecting a reading of 8.1%.
  • US initial jobless claims rose by 9,000 to a six-week high level of 228,000 in the week ending October 8th.
  • US natural-gas supplies climbed 125 billion cubic feet last week, the Energy Information Administration said.
  • US crude oil inventories rose by 9.88 million barrels in the week ended October 7th, the EIA said.


Check out this: Fear & Greed Index Remains In 'Extreme Fear' Zone Ahead Of Inflation Data


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,727,130 cases with around 1,089,380 deaths. India confirmed a total of at least 44,621,310 cases and 528,840 deaths, while France reported over 36,038,320 COVID-19 cases with 155,670 deaths. In total, there were at least 628,463,600 cases of COVID-19 worldwide with more than 6,566,130 deaths.

Posted In: Mid-Afternoon Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets