The major indexes notched weekly wins, and the Nasdaq rose to a record-high
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.
5 Items on Our Radar Today
- 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)
- 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)
- McDonald's paused its reopening plans for 21 additional days.
- Spotify stock neared new record-highs after receiving a bull note.
- This skincare stock soared after
raising its revenue forecast.
There were no earnings of note today.
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.