Dow Pivots Higher for Frenetic Finish, Nasdaq Ends Week Lower

Oil rose to its highest level in over a year

Deputy Editor
Mar 5, 2021 at 4:35 PM
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After a tumultuous session, stocks surged in wild fashion as rising bond yields pulled back slightly. Tailwinds also came from a better-than-expected jobs report, which gave investors hope that the economic reopening would be faster than previously thought. As a result, the Dow jumped 572 points, after trading 150 points lower earlier in the day. The S&P 500 and Nasdaq both finished the session higher as well, although the latter turned in a weekly loss and remains negative on the year. All three benchmarks snapped three-day losing streaks. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), snapped its three-day win streak.

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

  • These four cannabis stocks made headlines this week.
  • Will Starbucks stock continue to buck the broader-market's plunge?
  • Plus, AVGO getting analyst attention; bears ravaged Costco stock; and the computer company Goldman Sachs loves.

The Dow Jones Industrial Average (DJI - 31,496.30) rose 572.2 points, or 1.9% for the day, and 1.8% for the week. Chevron (CVX) topped the short list of winners, rising 0.8%, while Intel (INTC) fell to the bottom of the blue-chip after losing 2.6%.

Meanwhile, the S&P 500 Index (SPX - 3,841.94) added 73.5 points, or 2% for the day. The Nasdaq Composite (IXIC - 12,920.15) gained 196.7 points, or 1.6% for the day. The indexes gained 0.8% and lost 2.1%, respectively, for the week.

Lastly, the Cboe Volatility Index (VIX - 24.66) fell 3.9 points, or 13.7%, for the day and 12% for the week.

Closing Summary 0305

nyse nasdaq 0305

  1. According to the Centers for Disease Control and Prevention (CDC), easing mask mandates and reopening restaurants saw Covid-19 cases and deaths rise. (CNBC)
  2. Mark Brown, former Secretary of Education Betsy DeVos' appointee who oversaw the government's student-loan portfolio, has resigned. (MarketWatch)
  3. Broadcom stock received a lot of attention after earnings.
  4. See why bear notes poured in for Costco stock today.
  5. Goldman Sachs upgraded this computer company to "buy."



Oil Surges to Highest Level in Over a Year

Oil prices surged to their highest levels in over a year on Friday, after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) pledged to not increase supply in April. The organization instead plans to wait for demand to rebound more as economic recovery efforts strengthen. As a result, April-dated crude added $2.26, or 3.5%, to settle at $66.09 per barrel on the day, and over 7% for the week.

Gold prices closed the week lower, holding near nine-month lows for a third-consecutive weekly loss as rising U.S Treasury yields and a strengthening dollar put pressure on the precious metal. In response, April-dated gold shed $2.20, or 0.1%, to settle at $1,698.50 an ounce on the day, and 1.8% for the week.


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