Dow, S&P 500 Log Longest Winning Streak Since August

Investors are hopeful a dismal jobs report will speed up stimulus

Digital Content Manager
Feb 5, 2021 at 4:34 PM
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Stocks held onto their gains on Friday to wrap up a successful week, after a lackluster January jobs report gave investors hope the pace of stimulus negotiations would pick up in Washington, D.C. The Dow added roughly 92 points for the day, joining the S&P 500 for a fifth consecutive win -- their longest winning streak since August. The latter also nabbed another record close alongside the tech-heavy Nasdaq Composite. For the week, all three benchmarks logged their biggest weekly wins since November.

Democrats are going full-speed ahead with President Joe Biden's $1.9 trillion stimulus package, regardless of Republican support. An upbeat earnings season also gave Wall Street a leg up this week, with more than 84% of reporting S&P 500 companies beating estimates. In turn, Wall Street's "fear gauge" -- the Cboe Market Volatility Index (VIX) -- is down for its fifth-straight loss. 

 Continue reading for more on today's market, including:

  • Cannabis stocks fly high thanks to Biden administration buzz.
  • A blowout quarterly report gave Regeneron stock a boost. 
  • Plus, Peloton stock takes a breather; online real estate stock shows off after upgrade; and PLAY looks poised for a breakthrough.

The Dow Jones Industrial Average (DJI - 31,148.24) rose 92.4 points, or 0.3% on the day, and almost 4% on the week. Nike (NKE) led the Dow components with a 3.2% rise, while UnitedHealth Group (UNH) paced the laggards, falling 1.5%.

Meanwhile, the S&P 500 Index (SPX - 3,886.83) added 15.1 points, or 0.4% for the day, and 4.7% for the week. The Nasdaq Composite (IXIC - 13,856.30) was up 78.6 points, or 0.6% for the day, and 6% for the week.

Lastly, the Cboe Volatility Index (VIX - 21.77) lost 0.8 point, or 3.8% for the day, and 36.9% for the week.

Closing Indexes Summary February 5

NYSE and Nasdaq Stats February 5

  1. More than 1,000 active-duty troops will help deliver Covid-19 vaccines across the nation, with some arriving in California within the next 10 days to begin operations on Feb. 15. (CNBC)
  2. Brokerage firm Robinhood has lifted the restrictions it placed on GameStop (GME) and AMC Entertainment (AMC) after last week's Reddit-fueled trading frenzy. (MarketWatch)
  3. Peloton stock cools off post-earnings on a lackluster quarterly forecast.
  4. This online real estate stock surged to record highs after a lofty upgrade.
  5. Dave & Buster's Entertainment stock could break out of a technical downtrend.

Closing Indexes Summary February 5

Unusual Options Activity February 5

Worse-Than-Expected Jobs Data Helps Gold Gain

Oil prices surged on Friday to finish the week on a high note, with Brent crude prices working towards their highest level in over a year near the $60-per-barrel mark. Higher demand, as well as production cuts from the Organization of the Petroleum Exporting Countries' and its allies (OPEC+), helped the commodity higher. As a result, March-dated crude added 62 cents, or 1.1%, to settle at $56.85 per barrel for the day. For the week, it jumped 8.9%.

Gold prices also rose on Friday, though the safe-haven metal still posted a 2% weekly loss. A worse-than-expected January jobs reports indicated a slow recovery of the economy, giving the commodity a boost after a volatile week positioned its counterpart, silver, as the internet's latest trading target. In response, April-dated gold added $21.80, or 1.2%, to settle at $1,813 an ounce.


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