U.S. stocks closed down across the board but off the worst levels of the session as volatility continued following the massive swings experienced Monday.
The Dow Jones Industrial Average erased an 800+ point deficit, briefly turning positive, before ending the session off 66 points or 0.1%. The S&P 500 and the Nasdaq Composite lost 1.2% and 2%, respectively.
|I:DJI||DOW JONES AVERAGES||34297.73||-66.77||-0.19%|
|I:COMP||NASDAQ COMPOSITE INDEX||13539.294893||-315.83||-2.28%|
The choppiness follows Monday’s wild turnaround, which had the Dow rebound from a 1,000-plus-point drop and also followed a three-week decline for the S&P 500, concluding with its worst weekly stretch since the start of the pandemic.
The VIX Index, the so-called fear gauge, rose for the 7th straight day of gains, the longest winning streak since October 2020.
BIDEN TOUTS PLANS FOR LOWERING PRICES AS INFLATION SURGE CONTINUES
Jitters about rising interest rates tied to inflation remain in focus as the Federal Reserve began its two-day meeting. Investors are also monitoring mounting tensions between Russia and the West over concerns that Moscow is planning to invade Ukraine, with NATO outlining potential troop and ship deployments.
Oil rose closing up over 2% to $85.60.
|USO||UNITED STATES OIL FUND L.P.||60.97||+0.86||+1.43%|
In earnings, IBM’s better-than-expected quarter helped lift shares as sales grew the fastest in about 11 years. Microsoft will report after the bell today and Apple Thursday.
|IBM||INTERNATIONAL BUSINESS MACHINES CORP.||136.10||+7.28||+5.65%|
American Express reported fourth-quarter profits rose 20% from a year earlier, as eager consumers spent record levels of money during the holiday season on the company’s namesake cards. The stock jumped.
|AXP||AMERICAN EXPRESS CO.||173.11||+14.18||+8.92%|
Johnson and Johnson edged past Wall Street’s expectations, helped by growing pharmaceutical sales, but revenue fell short up 10% to $24.8 billion, missing the $25.2 billion estimate. The world’s biggest maker of health care products also debuted a strong 2022 forecast.
|JNJ||JOHNSON & JOHNSON||167.63||+4.66||+2.86%|
In other pharma news, the Food and Drug Administration is limiting use of Regeneron and Eli Lilly’s COVID-19 treatments due to lack of efficacy, while Pfizer and BioNTech announced clinical trials of their drug specifically to target the omicron variant.
FORD SHUTS OFF ORDERS FOR NEW $20,000 MAVERICK PICKUP
|REGN||REGENERON PHARMACEUTICALS INC.||603.19||-18.29||-2.94%|
|LLY||ELI LILLY & CO.||239.46||-0.96||-0.40%|
AMC in focus after The Wall Street Journal reported it may seek to refinance debt.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||16.02||-0.62||-3.73%|
In crypto currencies, Bitcoin continued to recover from Monday’s lows hovering around the $36K level.
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and Dogecoin grabbed some headlines after Tesla CEO Elon Musk teased he would eat a Happy Meal on television if McDonald’s were to accept it for payment.
The Associated Press contributed to this report.