U.S. stocks finished the week with strong gains
The Dow Jones Industrial Average (DJIA) traded near breakeven for most of the day, as trading volume was muted ahead of the long Memorial Day weekend. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) were stuck in tight ranges as well, closing an otherwise strong week for stocks on a quiet note. Investors digested an upwardly revised reading on first-quarter GDP, while also keeping an eye on the latest corporate earnings numbers and stabilizing oil prices. While their daily win streaks were snapped, the Dow, SPX, and Nasdaq all finished the week with impressive gains.
Continue reading for more on today's market, including:
- Options traders are taking sides as Amazon and Alphabet chase $1,000.
- The cloud stock that continues to crush short sellers.
- The Apple supplier that could hit new highs next week.
- Plus, an alternative energy stock getting hammered; bullish notes on this apparel stock; and why GameStop is still in danger.
The Dow Jones Industrial Average (DJIA - 21,080.28) dipped 2.7 points, or 0.01%, with just 13 of its 30 components closing above breakeven. In the lead was Disney stock, which advanced 1.1%. The biggest loser was Home Depot, dropping just 1%. The Dow added 1.3% this week.
The S&P 500 Index (SPX - 2,415.82) added 0.8 point, or 0.03%. The Nasdaq Composite (COMP - 6,210.19) climbed 4.9 points, or 0.08%. The SPX added 1.4% for the week, and the COMP closed up 2.1%.
The CBOE Volatility Index (VIX - 9.81) dipped 0.2 point, or 1.8%, for its second lowest close of the year. The "fear gauge" plummeted 18.5% this week, and registered an extremely rare weekly close below 10.
5 Items on Our Radar Today:
- The FBI has declined Congress' request to provide the memos written by former director James Comey that reportedly suggest President Trump asked him to end an investigation into Michael Flynn. The FBI said it must consult with special counselor Robert Mueller before releasing the memos. (Politico)
- For the first time ever, the Pentagon is planning a missile defense test against an intercontinental strike. This comes as North Korea has been building its weapon arsenal. (CNBC)
- The dual downgrades that crushed alternative energy name JinkoSolar.
- Canaccord Genuity asks "what's not to like?" about Deckers Outdoor.
- Why more losses could be in store for GameStop shares.
Data courtesy of Trade-Alert
Commodities
Oil prices managed to bounce back today, but crude futures settled lower for the week in the wake of OPEC's latest supply decision. By the close, July-dated crude futures were up 90 cents, or 1.8%, at $49.80 per barrel. Oil settled down 1.7% for the week.
June-dated gold futures also enjoyed an up day, adding $11.70, or 0.9%, at $1,268.10 per ounce. For the week, gold picked up 1.2%.