The S&P 500 is still within a chip shot of its all-time highs
The major indexes capped off the first week of June on a high note, with all three logging solid daily and weekly wins. The Dow settled the day with a 179-point pop on the heels of a slew of upbeat employment reports injecting the market with even more optimism over a smooth economic recovery. Meanwhile, the S&P inched even closer to its May record peak, settling at its second-highest close ever, and the Nasdaq reversed some of this week's negative price action to clock a triple-digit pop. Today's jobs data sent the 10-year Treasury yield sliding as well, with many considering the numbers to be strong, yet not drastic enough to trigger any hawkish decision from the Federal Reserve.
Continue reading for more on today's market, including:
- What went down with pot stocks this week after one mega-merger.
- Founder and CEO Bernie Schaeffer sheds some light on what sent Bitcoin spiraling.
- Plus, AVGO blasted by bulls; FIVE eyes technical trouble; and checking up on RAD before earnings.
The Dow Jones Average (DJI - 34,756.39) tacked on 179.4 points, or 0.5% for the day. Salesforce.com (CRM) led the Dow components with a 2.9% rise, while Travelers (TRV) paced the laggards, falling 0.6%. For the week, the blue-chip index added 0.7%
Meanwhile, the S&P 500 Index (SPX - 4,229.89) added 37 points, or 0.9% for the day, and 0.6% for the week. The Nasdaq Composite (IXIC - 13,814.49) rose nearly 200 points, or 1.5% for the day, and 5% for the week.
Lastly, the Cboe Volatility Index (VIX - 16.42) dropped 1.6 point, or 9% for the day, and 2% for the week.
- Facebook (FB) said that former U.S. President Donald Trump's social media accounts with the company may be reinstated in January 2023, when the company reassess whether or not whether or not allowing Trump back on Facebook and Instagram will be a threat to public safety. (CNBC)
- The Biden administration has tasked six different humanitarian groups with recommending which migrants seeking asylum should be allowed into the United States, with the aim of allowing 250 asylum-seekers a day. (MarketWatch)
- Chip stock blasted by analysts and options traders after a blowout quarterly earnings report.
- FIVE runs into technical trouble after a Q1 profit beat.
- Checking in with Rite Aid stock ahead of its earnings rollout on June 24.
Gold Snaps Weekly Win Streak, Oil Soars to Fresh Multi-Year High
Oil prices were back on the rebound today, nabbing their highest close since October 2018 and marking their second-straight weekly win, bolstered by growing optimism surrounding vaccination programs and easing lockdown restrictions. Gasoline stockpiles, on the other hand, unexpectedly rose. July-dated crude added 81 cents, or 1.2%, to settle at $69.62 per barrel on the day, and saw a 5% pop for the week.
Gold prices hardened on Friday, though they wound up settling another day below the closely watched $1,900, level as investors parsed over the slew of jobs data released today. The precious metal did log a weekly loss, snapping its four-week win streak. August-dated gold rose $18.70, or 1%, to settle at $1,892 an ounce for the day, but dropped 0.7% on the week.