November 22, 2021

Stocks fell in afternoon trading today, reversing an earlier rally that came after President Joe Biden picked Jerome Powell to continue to lead the Federal Reserve.

Dow Jones finished +17 at 35,619

S&P 500 finished -15 at 4,682

NASDAQ finished -203 at 15,854

The 10 Year Treasury closed up 8 basis points yielding 1.62%

Oil prices closed up $0.47 ending at $76.41 a barrel.

Gold prices closed down $46.80 ending at $1,804 an ounce.

In the days’ stock news:

General Motors closed up 3.7% after CNBC reported that the company has acquired a 25% stake in the Seattle-based boating start-up Pure Watercraft. GM will become a supplier of components to Pure Watercraft and will provide engineering, design and manufacturing expertise to help it establish new factories.
Rivian shares closed down more than 8%, extending its losses from Friday on news that a deal with Ford to jointly develop an electric vehicle has been canceled. Ford shares gained 5.4%.