Dow Roars into the Weekend With Third-Straight Record Close

The Dow secured a six-day winning streak

Deputy Editor
Mar 12, 2021 at 4:27 PM
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The Dow closed out the week with its sixth-straight win and third-straight record close. This comes even as bond yields moved highercapping gains from the S&P 500, sending the Nasdaq lower, and taking the wind out of the sails of the tech sector. Nevertheless, all three benchmarks secured sizable weekly wins. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) dropped its fourth-straight and closed at its lowest level since Feb. 12. 

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

  • These sporting goods stocks are surefire long term bets.
  • Unprecedented regulatory fines send BABA spiraling.
  • Plus, BKE fell despite an earnings beat; Novavax's big vaccine update; and why bears piled on Poshmark stock.

The Dow Jones Industrial Average (DJI - 32,778.64) rose 293.1 points, or 0.9% for the day, and 4.1% on the week. Boeing (BA) topped the list of winners, rising 6.8%, while Salesforce.com (CRM) fell to the bottom of the blue-chips, losing 1.7%.

Meanwhile, the S&P 500 Index (SPX - 3,943.3) added 4 points, or 0.1% for the day. The Nasdaq Composite (IXIC - 13,319.86) fell 78.8 points, or 0.6% for the day. The indexes gained 2.6% and 3.1%, respectively, this week.

Lastly, the Cboe Volatility Index (VIX - 20.69) shed 1.2 point, or 5.6%, for the day, and 16.1% for the week.

Closing Summary 0312

nyse nasdaq 0312

  1. According to the Federal Reserve and the Securities Industry and Financial Markets Association, companies in the U.S. face more than $10.5 trillion in debt -- a record high. (CNBC)
  2. China has the market for rare-earth metals cornered, but the U.S. is taking interest and looking to disrupt the monopoly. (MarketWatch)
  3. Buckle stock cooled off despite an upbeat quarterly report.
  4. A vaccine update helped Novavax stock reclaim a key level.
  5. Bear notes poured in for Poshmark stock after a dismal forecast.

Earnings 0312

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Oil Dips Below Psychological $70 Level

Oil prices slipped to close out the week, hovering under the psychological $70 level as production cuts took their toll on supply. Keeping black gold afloat was optimism surrounding swelling demand in the second half of the year as economic recovery efforts continue. In response, April-dated crude shed 41 cents, or 0.6%, to settle at $65.61 per barrel on the day, and 0.7% for the week.

Gold also fell, as U.S. Treasury yields rose again in conjunction with a stronger dollar. Still, bullion scored its first weekly win in four. As a result, April-dated gold lost $2.80, or 0.2%, to settle at $1,719.80 an ounce on the day, but rose 1.4% for the week.

 

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