Stocks close higher, rebounding from Tuesday's sell-off
Stocks closed higher across the board on Wednesday, rebounding after Tuesday's massive sell-off triggered by hotter-than-expected inflation data. The Dow Jones Industrial Average (^DJI), S&P 500 (^GSPC), and Nasdaq (^IXIC) all finished the day in positive territory.
Yahoo Finance's Jared Blikre breaks down the details.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Angel Smith
Video Transcript
JOSH LIPTON: And Allie, we are ending the day in the green, following that sharp sell off yesterday. We got that hotter CPI print. But I'm looking here. I just see green across all the major averages. The Dow's up about 4/10 of a percent. The S&P 500, your broad gauge, is up about 1%. And the tech-heavy NASDAQ-- remember that got hit yesterday-- read different story today. It's going to finish up here about 1.3%.
And maybe some of the good feelings here of why buyers perhaps feeling like it could step in, we did get some positive Fed speak today. We got Fed Bank of Chicago President Austan Goolsbee. He's saying, listen, about that hot CPI print, in his opinion, let's not make too much of it maybe. Maybe one higher than expected CPI print is not a trend make. Investors were paying attention. They bid up stocks. Investors breathing a little easier today. Stocks edging higher just a day after that major sell off. Jared Blikre is going to take us here through a look at today's action. Jared.
JARED BLIKRE: Yes, Josh. We're seeing a reprieve today in the bond market, and the dollar and stocks are shooting higher. Specifically, the Russell 2000, the small caps up over 2% after a 4% drubbing yesterday. So still in the red on a two-day basis but clawing back those losses. Looking at the leaderboard today, industrials, a rare leadership position, up 1.65%. Following that, you have the three megacap sectors communication services, tech, and consumer discretionary. Only staples and energy finishing the day in the red.
And let's take a look at the Dow here since industrials are leading. We can see-- where is it-- caterpillar up 1.25%. The real leader here, not an industrial, we're seeing Salesforce up almost 3%, and Intel up over 2%. And speaking of chip stocks, there was another really strong showing here. NVIDIA up 2.5%, another record high. We've been seeing a little bit of a difference between chips and software but pretty much green all around the board. Shopify up 4 and 1/2 percent.
And if we take a look at our leaderboard today, we're going to see a couple of interesting things. Disruption, Arkk is up 5.5%. And then we got the crypto trade, I was looking at that in the last hour. So let's just shift over to disruption here, where we see ARK Innovation Holdings Coinbase, that's up 14%. That's as Bitcoin surges north of $50,000. We also have some other big movers here. Path is up 4%. Roblox up 4%. Robinhood after earnings, that is up 13%. And the list goes on here.
And then just thinking about the bond market and how we close the day, I did mention we had a bit of a reprieve. And even in volatility, we are seeing markets come off of their highs. This is a look at the CBOE Volatility Index, the VIX. That was almost at a 16 yesterday, and it is now back down to a 14 handle.
ALEXANDRA CANAL: Thanks, Jared.
