Record Closes All Around Cap Off Winning Week

The "fear gauge" closed at pre-pandemic lows

Managing Editor
Jul 2, 2021 at 4:36 PM
facebook twitter linkedin

Stocks closed out the week with a flourish, with all three benchmarks finishing near their session highs. The Dow added 152 points and a record close. The S&P 500 and Nasdaq secured record closes of their own, the former's seventh straight. Upbeat jobs data supplied the tailwinds today heading into the holiday weekend, while the Cboe Volatility Index closed at pre-pandemic levels for the first time ever. All three benchmarks secured comfortable weekly wins. 

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

The Dow Jones Average (DJI - 34,786.35) gained 152.8 points, or 0.4% for the day. Of the 30 Dow components, Microsoft (MSFT) saw the biggest jump, adding 2.2%, while IBM (IBM) fell to the bottom, shedding 4.6%. For the week, the Dow tacked on 1%.

Meanwhile, the S&P 500 Index (SPX - 4,352.34) rose 32.4 points, or 0.8% on the day, and the Nasdaq Composite (IXIC - 14,639.33) tacked on 116.9 points, or 0.8% for the day. The SPX added 1.7% on the week, while the Nasdaq scored a 1.9% weekly win.

Lastly, the Cboe Volatility Index (VIX - 15.07) lost 0.4 point, or 2.7%. It lost 3.5% for the week.

Closing Indexes Summary July 2

NYSE and Nasdaq Stats July 2

  1. Benchmark mortgage rates dipped back below 3%, after the 30-year loan jumped above 3% for the first time since late April in the last week of June. (MarketWatch)
  2. According to TripIt, travel bookings are nearing pre-pandemic levels heading into the 4th of July weekend. (CNBC
  3. Who will be the first billionaire in space?
  4. This FAANG stock is open to cannabis products. 
  5. Raytheon Technology just scored a huge defense contract.

There are no earnings of note to report.

Unusual Options Activity July 2

OPEC+ Meeting Stalemate Stalls Oil

Oil prices drifted cautiously lower, after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) meeting struggled to reach a deal on output production. August-dated crude shed seven cents, or 0.1%, to settle at $75.16 a barrel. For the week, black gold gained 1.5%.

Gold prices rose for the third-straight day, taking cues from a weakened dollar. August-dated gold added $6.50, or 0.4%, to settle at $1,783.30 an ounce. For the week, the safe-haven currency tacked on 0.4%.


Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 



Special Offers from Schaeffer's Trading Partners