Investors also reacted to another drop in U.S. unemployment
The Dow soared today, as news that Warren Buffett substantially increased his Apple (AAPL) position sparked a huge move from the tech giant. In fact, shares of the iPhone maker hit an all-time high and closed the week up 13.3% -- the best week in years for AAPL. The broader tech sector rallied as a result, helping the Dow and S&P erase almost all of their weekly losses, and ushering the Nasdaq to a weekly win. Elsewhere, investors also digested the nonfarm payrolls report for April, which revealed the lowest unemployment rate in 17 years, along with another strong uptick in oil prices.
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The Dow Jones Industrial Average (DJI - 24,262.51) was up more than 400 points at session highs, and closed with a 332.4-point, or 1.4%, win. Every Dow component but Chevron (CVX) closed in positive territory, with shares of the energy giant dropping 0.4%. Aside from AAPL's 3.9% surge, McDonald's (MCD) also had a strong performance, adding 3.1%. The Dow ended the week down 0.2%.
The S&P 500 Index (SPX - 2,663.42) rallied 33.7 points, or 1.3%, and the Nasdaq Composite (IXIC - 7,209.62) jumped 121.5 points, or 1.7%. The SPX fell 0.2% this week, while the Nasdaq closed up 1.3%.
The Cboe Volatility Index (VIX - 14.77) dipped 1.1 points, or 7.1%. The VIX shed 4.2% this week.
5 Items on Our Radar Today
- Special Counsel Robert Mueller could be going beyond the powers of his position with his pursuit of former Trump campaign manager Paul Manafort, a federal judge said today. The judge said he didn't see the connection between the charges brought against Manafort and Mueller's Russia probe. (Reuters)
- Coming off an unusual earnings call where he called analysts' questions "dry" and "boring," Tesla CEO Elon Musk today again made headlines. Musk tweeted early this morning about a "short burn of the century comin soon," referring to the company's numerous short sellers. (CNBC)
- Hertz bears paid up for pre-earnings put options.
- Buy this Apple supplier now, if past is prologue.
- Inside Pandora stock's record day.
Data courtesy of Trade-Alert
Oil Closes Out Strong Week with a Win
Oil finished the week strong, as traders weighed potential sanctions on Iran. June-dated crude futures added $1.29, or 1.9%, to settle at $69.72 per barrel -- the highest close since late 2014. For the week, liquid gold closed up 2.4%.
Gold prices managed a small win today. Specifically, gold for June delivery tacked on $2, or 0.5%, to end at $1,312.70 per ounce. Gold lost 0.7% this week, however, marking a third straight weekly decline.