Stocks End Week with Gains, Nasdaq Notches Record High

A record number of jobs were created in June

Assistant Editor
Jul 2, 2020 at 4:32 PM
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Stocks rose to close the holiday shortened week, thanks to better-than-expected jobs data. The U.S. government reported 4.8 million jobs for the month of June, a record, and well above the 2.9 million economists expected. Most notably, the Nasdaq Composite hit a record-high, despite grim coronavirus updates threatening to cap gains. Meanwhile, the Dow and S&P 500 also rose, with the former benefiting greatly from a bump in Boeing (BA) stock. Additionally, the unemployment rate fell to just above 11%, better than economists expected, which added to investors' optimism and gave the major indexes the push they needed for all three to capture weekly gains. 

  • Schaeffer's Founder and CEO Bernie Schaeffer shares his thoughts on FTNT's tear up the charts.
  • American Airlines stock soared on treasury loan approval.
  • Plus, MCD paused reopening plans; SPOT pondered video streaming; and NUS revised its revenue forecast.

The Dow Jones Industrial Average (DJI - 25,827.42) rose 92.5 points, or 0.4% for the day, and 3.2% for the week. Walgreens Boots Aliance (WBA) rose to the top of the list of winners today, finishing 2.7% higher, while Walt Disney (DIS) suffered the most, falling 0.7%.

Meanwhile, the S&P 500 Index (SPX - 3,130.01) gained 14.2 points, or 0.5% on the day. The Nasdaq Composite (IXIC - 10,207.63) added 53 points, or 0.5% for today's session. The indexes tacked on 4% and 4.6%, respectively, for the week.

Meanwhile, the Cboe Volatility Index (VIX - 27.68) lost 0.9 point, or 3.3%, for the day, and 20.2% for the week.

 

Closing Summary July 2

NYSE Nasdaq July 2

5 Items on Our Radar Today

  1. This Amazon.com (AMZN) Air contractor's employees reported they're still working in an unsafe work environment, despite a surge in new coronavirus cases. (CNBC)
  2. The Commerce Department reported an increase of 0.8% for factory orders in May, the first gain in three months. Additionally, durable goods orders rose alongside nondurable goods.(MarketWatch)
  3. McDonald's paused its reopening plans for 21 additional days.
  4. Spotify stock neared new record-highs after receiving a bull note.
  5. This skincare stock soared after raising its revenue forecast.


There were no earnings of note today.

Unusual Options Acitivty July 2

Data courtesy of Trade-Alert

Oil and Gold Close Week Higher

Oil prices rose today, closing the shortened week on a high note, thanks to positive U.S. economic data and a shrinkage in crude stockpiles. Still, concerns surrounding the surge in coronavirus cases proved enough to cap potentially more gains. As a result, September-dated crude rose 84 cents, or 2.1%, to settle at $40.76 per barrel for the day, and 5% for the week, based on last week's most-active contract.

Gold prices, meanwhile, reversed from yesterday's fall and edged higher on the easing of the U.S. dollar. Further bolstered by record job creation, August-delivery added $10.10, or 0.6%, to settle at $1,790 an ounce for Thursday's session, and 0.5% for the week.

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