Benchmarks Score Record Closes, Third-Straight Weekly Wins

The 10-year Treasury yield rebounded as well

Assistant Editor
Jul 9, 2021 at 4:31 PM
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The Dow finished the week strong with a 448-point gain to secure a record close on Friday. The Nasdaq and S&P 500 jumped to record closes as well, with all three indexes securing their third-straight weekly wins. The 10-year Treasury yield rebounded today, too, as yesterday's shaky reopening sentiment appears to have been pushed to the wayside. However, investors are keeping a cautious eye on tightened Covid-19 restrictions in several countries as the delta variant continues to surge. Meanwhile, U.S. wholesale inventories climbed a better-than-expected 1.3% in May as demand picked up. 

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

  • This biotech name looks to be on the rebound.
  • Buy the dip on this tech stock. 
  • Plus, breaking down the basics of implied volatility; LEVI's earnings beat; and why some are criticizing Wells Fargo. 

The Dow Jones Average (DJI - 34,870.16) added 448.2 points, or 1.3% for the day, and 0.2% for the week. Of the 30 Dow components, Goldman Sachs (GS) saw the biggest jump, adding 3.6%, while Salesforce.com (CRM) fell to the bottom, shedding 0.3%.

Meanwhile, the S&P 500 Index (SPX - 4,369.55) gained 48.7 points, or 1.1% on the day, and the Nasdaq Composite (IXIC - 14,701.92) tacked on 142.1 points, or 1%, for the day. Both indexes gained 0.4% for the week.

Lastly, the Cboe Volatility Index (VIX - 16.18) lost 2.8 points, or 14.8% for the day, and 7.4% for the week.

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  1. The head of the Food and Drug Administration (FDA) called for an investigation into the recent approval of the Biogen's (BIIB) Alzheimer’s drug, Aduhelm.  (CNBC)
  2. Haitian authorities have arrested more suspects in connection with the assassination of President Jovenel Moïse, including two Haitian-Americans and several former Colombian soldiers. (Marketwatch
  3. How to play a potential volatility crush
  4. Behind LEVI's upbeat quarterly report. 
  5. Wells Fargo receives criticism over credit decision

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Gold, Oil Settle Week on a High Note

Oil prices closed higher for the second-straight day, thanks to the drop in U.S. oil and gas inventories. August-dated crude rose $1.62, or 2.2%, to close at $74.56 a barrel. For the week, however, the unresolved tension amidst the Organization for Petroleum Exporting Countries (OPEC) still weighed on the commodity, and prices fell 0.8%. 

Gold futures rose today, as anxieties toward economic reopening still lingered despite the broad-market rebound, keeping investors close to the safe haven. August-dated gold added $10.40, or 0.6%, to settle at $1,810.60 an ounce for the day, and gained 1.5% for the week for its third-straight weekly gain, marking its biggest one-week jump in seven weeks. 

Trader: Sell These 8 Stocks in 2021

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