The Dow, S&P, and Nasdaq are still on pace for monthly losses, however
The Dow posted strong gains for a second straight day, as stocks rallied into the weekend. An extended slide in Treasury yields helped spark another round of buying in equities, as did easing concerns about accelerated Fed rate hikes. The S&P 500 and Nasdaq also posted impressive wins -- with the latter snapping a four-day losing streak -- as tech and healthcare stocks outperformed. Thanks to the broad-market advance, the major indexes were able to erase their weekly losses -- though they're still set to snap a 10-month winning streak. The VIX, meanwhile, suffered another double-digit percentage slide.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,309.99) spent the day trading in positive territory and closed near session highs, adding 347.5 points, or 1.4%. Every Dow component closed higher except General Electric (GE) and United Technologies (UTX), which fell 0.1% and 0.3%, respectively. The best-performing Dow stock was Intel (INTC), up 4.2% at the close. For the week the Dow gained 0.4%.
The S&P 500 Index (SPX - 2,747.30) rose 43.3 points, or 1.6%, and the Nasdaq Composite (IXIC - 7,337.39) ended up 127.3 points, or 1.8%. For the week, the SPX was up 0.6% and the Nasdaq gained 1.4%.
The Cboe Volatility Index (VIX - 16.49) fell 2.2 points, or 11.9%, ending the week with a 15.3% deficit.
5 Items on Our Radar Today
- Former Trump campaign official Rick Gates has officially pleaded guilty to lying to special counsel Robert Mueller, as well as conspiracy against the United States. The move could put pressure on former Trump campaign manager Paul Manafort, who has pleaded not guilty to any wrongdoing thus far. (CNBC)
- Corporate America is feeling the pressure to cut ties with the National Rifle Association (NRA) following last week's high school shooting in Florida. Meanwhile, Florida Governor Rick Scott announced plans to raise the age to buy a firearm to 21. (Reuters; USA Today)
- How gun stocks reacted to the gun control debate.
- UPS stock has again come under pressure from Amazon.
- Why this software stock got demolished today.
Data courtesy of Trade-Alert
Gold Suffers Biggest Weekly Drop of 2018
Oil prices ticked higher again thanks to the shutdown of a major oilfield in Libya. April crude futures were up 78 cents, or 1.2%, at $63.55 per barrel, bringing oil's weekly gain to roughly 3%.
Gold prices, meanwhile, pulled back today amid the risk-on session for equities. Gold for April delivery shed $2.40, or 0.2%, to land at $1,330.30 an ounce. The precious metal finished the week down 1.7% -- its worst week of 2018.