Dow, SPX Notch Wins as Nasdaq Succeeds in Rally Attempt

Oil locked in its third-consecutive weekly loss

Assistant Editor
Mar 26, 2021 at 4:34 PM
facebook twitter linkedin


The Dow and S&P 500 closed out the week higher, thanks to names tied directly to the reopening economy and bank stocks. Coupled with yesterday's win, both indexes locked in modest weekly gains, and are heading into the end of March with upbeat inflation data and word that the Federal Reserve will allow banks to resume buybacks and raise dividends by the end of June. Meanwhile, the Nasdaq's earlier comeback attempt deemed successful, though the tech-laden benchmark still closed the week lower, amid rising interest rates and valuation concerns. Lastly, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), nabbed is lowest close since February 2020.

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

  • Schaeffer's Senior V.P. of Research Todd Salamone talks all things small-caps.
  • Don't sweat SunPower stock's latest pullback.
  • Plus, why Ford stock hit the brakes; the tobacco stock that Jefferies loves; and semiconductor shortage sinks NIO.

The Dow Jones Industrial Average (DJI - 33,072.88) rose 453.4 points today, or 1.4% for the day, and 1.4% for the week. Intel (INTC) topped the massive list of Dow winners with a 4.6% rise, while Goldman Sachs (GS) fell 1% to pace the three laggards.

Meanwhile, the S&P 500 Index (SPX - 3,974.54) added 65 points, or 1.7% for the day, and 1.6% for the week. The Nasdaq Composite (IXIC - 13,138.72) gained 161.1 points, or 1.2% for the day, but fell 0.6% on the week.

Lastly, the Cboe Volatility Index (VIX - 18.86) fell 1 point, or 4.8%, on the day, and 10% for the week.

Closing Summary 0326

nyse nasdaq 0326

  1. Transportation secretary Pete Buttigieg said the White House is pondering a variety of ways to fund U.S. President Joe Biden's infrastructure plans, including a vehicle mileage tax. (CNBC)
  2. Aiming to help companies meet a new rule that puts Chinese technology firms in the crosshairs, the Biden administration said it wants to take public input into consideration. (Reuters)
  3. Ford stock dipped after the company halted F-150 production.
  4. This tobacco stock went red-hot after an upgrade.
  5. NIO powered down amid a global chip shortage.

There were no earnings of note today.

UVOL0326

Oil Logs Third-Straight Weekly Loss

After plunging yesterday, oil prices roared back to life as the blockage at the Suez Canal continues to put pressure on supply. The container ship that's currently blocking trading routes could be lodged in place for weeks, but that wasn't enough to save black gold from locking in its third-straight weekly loss. In response, May-dated crude added $2.41, or 4.1%, to settle at $60.97 per barrel on the day, but lost around 0.8% for the week.

Gold prices also reversed yesterday's losses, but were unable to shake off the stronger dollar and surging U.S. Treasury yields. The result is gold's first weekly loss in three weeks. April-dated gold gained $7.20, or 0.4%, to settle at $1,732.30 an ounce, but shed 0.5% for the week.

Trader: Sell These 8 Stocks in 2021

1633101108

 




 
Special Offers from Schaeffer's Trading Partners