The Dow added 237 points of its own
Wall Street closed on a high note Friday, with all three major indexes nabbing comfortable weekly gains, an impressive turnaround from last week's trough. The Dow clawed even closer to record highs with a 237-point pop and its largest weekly win since March 12. The S&P 500 scored its second-straight record close and clocked its best week since February. If there was one blemish, it was the Nasdaq snapping a four-day win streak.
An expedited, but expected, rise in the core personal expenditures price index helped maintain momentum today, as it backed up the Federal Reserve's recent assertions that inflation will be temporary while reinforcing belief that the economy is still enjoying a strong and speedy recovery. Investors also cheered the finalized infrastructure deal in Washington D.C., which will include $579 billion in new spending on roads, bridges, and electric vehicle transit.
Continue reading for more on today's market, including:
- Nike stock blew away all expectations during today's earnings report.
- Why the pandemic helped push CarMax stock higher.
- Plus, an eye on PSA's recent record highs; the pharma name setting its sights on cannabis; and Virgin Galactic's historic update.
The Dow Jones Average (DJI - 34,433.84) added 237 points, or 0.7% for the day, and 3.4% for the week. Of the 30 Dow components, Nike (NKE) saw the biggest jump, adding 15.5%, while Caterpillar (CAT) fell to the bottom, shedding 1.4%.
Meanwhile, the S&P 500 Index (SPX - 4,280.70) rose 14.2 points, or 0.3% on the day, and saw a 2.8% weekly jump. The Nasdaq Composite (IXIC - 14,360.39) lost 9.3 points, or 0.1% for the day, but rose 2.4% for the week.
Lastly, the Cboe Volatility Index (VIX - 15.62) dropped 0.4 point, or 2.2% for the day, and shed 24.5% for the week, marking its biggest weekly drop since February.
- Royal Caribbean (RCL) will launch its first ship with paid passengers since the pandemic forced no sail orders on cruise lines -- marking the first of its kind in the U.S. (CNBC)
- Twitter (TWTR) CEO Jack Dorsey and Tesla's (TSLA) Elon Musk agreed over Twitter to meet on Friday and discuss the future of bitcoin, a move ARK Invest's Cathie Wood called "brilliant." (MarketWatch)
- What could be in store for this rallying self storage stock.
- How cannabis is making itself known in the world of pharmaceuticals.
- The FAA's latest space travel approval for Virgin Galactic marks the first of its kind.
Reopening Optimism Pushes Gold to 5th-Straight Weekly Jump
Oil prices rose today, and nabbed their fifth-weekly rise, as demand optimism heightened and the global economy continues to bounce back. As a result, the now most-active, August-dated contract added 75 cents, or 1%, to settle at $74.05 per barrel, with a 3.9% climb on the week.
Gold prices also jumped, marking their first weekly win in four weeks as well, as investors pored over the latest inflation data. In turn, August-dated gold rose $1.10, or 0.1%, to settle at $1,777.80 an ounce, with a 0.5% weekly win.