Record Closes All Around Cap Off Winning Week

The "fear gauge" closed at pre-pandemic lows

Patrick Martin

Managing Editor

Jul 2, 2021 at 4:36 PM

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:

Keep an eye on this Bitcoin chart signal.
Homebuilder stock PHM has chart support in place.
Plus, Bezos vs. Branson; a cannabis stock roundup; and RTX's hefty new contract.

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

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)
According to TripIt, travel bookings are nearing pre-pandemic levels heading into the 4th of July weekend. (CNBC)
Who will be the first billionaire in space?
This FAANG stock is open to cannabis products.
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%.

Follow @Schaeffers

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?