Investors cheered reopening announcements and brushed off better-than-expected jobs data
It was another day of massive gains for the major indexes today, with the Dow snatching up a roughly 455 point win, as investors wax optimistic that the worst of the coronavirus crash is in the rear view. This sentiment managed to plow right over another devastating round of employment data. Reopening announcements from FAANG names Apple (AAPL) and Alphabet (GOOGL) are also boosting the mood on Wall Street, with S&P 500 and Nasdaq both ending up over 1.6%. For the week, all three indexes finished firmly in the black, while Wall Street's "fear gauge," the Cboe Volatility Index, closed at its lowest point since Feb. 26
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The Dow Jones Industrial Average (DJI - 24,331.32) added 455.4 points, or 1.9% on Friday. All 30 stocks on the index finished higher, with Dow Inc (DOW) leading the charge with a 4.5%, and McDonald's clocking the smallest win at 0.1%. For the week, the blue-chip index added 2.6%
The S&P 500 Index (SPX - 2,929.80) was up 48.6 points, or 1.7% for the day. Meanwhile, the Nasdaq Composite (IXIC - 9,121.32) ended 141.66 points, or 1.6% higher. The former added 3.5% this week, while the latter tacked on 6%.
The Cboe Volatility Index (VIX - 27.98) fell 3.5 points, or 11%, bringing its weekly loss to 24.8%.
5 Items on Our Radar Today
- Facebook (FB) just launched its new site layout, which was announced at its annual F8 conference last year. Some key features include the new dark mode setting and an easier-to-navigate design, while the ability for users to arrange their news feeds in reverse-chronological order appears to be gone. (CNBC)
- Gilead Sciences (GILD), which has been thrust into the spotlight recently as one of the handful of biotechs racing to develop a COVID-19 treatment, is being targeted by hackers linked to Iran. According to publicly available web archives, one case involved a fake email login sent to a top executive at the company with the intention of stealing passwords, though it is unclear whether the attempt was successful. (Reuters)
- The makeup stock enjoying a pre-earnings pop.
- One automaker getting a billion-dollar boost.
- Plus, another stock revving up the auto sector.
Data courtesy of Trade-Alert
Oil, Gold Snag Weekly Gains
Crude futures reversed their luck for the week, ending higher on news of production cuts and strengthened demand for petroleum products. June-dated crude added $1.19, or 5.1%, to settle at $24.74 a barrel, and gained 25.1% for the week, its second-straight weekly win.
Gold futures slipped lower, as Wall Street eagerly watched stocks climb, turning their back on the safe-haven commodity. Gold for June delivery lost $11.90, or 0.7%, to settle at $1,713.90 an ounce, though it eked out a 0.8% win for the week.