Dow, S&P 500 Log New Record Closes

The Nasdaq, meanwhile, finished in the red

Deputy Editor
Aug 6, 2021 at 4:31 PM
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The Dow closed out the first week of August with a record close, climbing 144 points thanks to a better-than-expected jobs report. The S&P 500 also nabbed a record close, while the Nasdaq finished in the red as tech investors took profits amid a jump in the 10-year Treasury yield. For the week, all three major benchmarks turned in healthy wins. Elsewhere, the Cboe Volatility Index (VIX) logged its fourth-straight loss and lowest close since mid July, as well as its worst weekly performance since late June.

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

  • Senior Market Strategist Bryan Sapp on using volatility to double your money with options.
  • Lear stock powered down after earnings.
  • Plus, Plug Power stock surges; Canopy Growth's surprise profit; and one flat beer stock.

The Dow Jones Average (DJI - 35,208.51) rose 144.3 points, or 0.4% for the day, and 0.8% for the week. Of the 30 Dow components, Goldman Sachs (GS) topped the list of winners today, adding 3.6%, while Amgen (AMGN) paced the laggards with a 1.6% dip.

The S&P 500 Index (SPX - 4,436.52) gained 7.4 points, or 0.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,835.76) shed 59.4 points, or 0.4%, for the day. The benchmarks added 0.9% and 1.1%, respectively, for the week.

Lastly, the Cboe Volatility Index (VIX - 16.15) shed 1.1 point, or 6.5%, for the day, and 11.1% for the week.

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  1. Key federal aid programs are scheduled to end soon, amid a surge in coronavirus cases; but lawmakers are working to extend many of them. (CNBC)
  2. There's a growing movement among states and companies to take a firmer stance on vaccination against Covid-19. (MarketWatch)
  3. Plug Power scored a big revenue beat today.
  4. Canopy Growth stock faces off with $20 after a surprise profit.
  5. Why this beer stock might be in trouble.

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Demand Concerns Send Oil Prices Lower

Oil finished out the week with a loss, and in fact turned in a steep weekly dip. Fuel demand woes amid increased coronavirus-related travel restrictions impacted black gold's appeal. As a result, September-dated crude fell 81 cents, or 1.2%, to settle at $68.28 a barrel for the day, and 4.6% for the week.

Bullion was also dragged lower today, with gold prices languishing beneath the pivotal $1,800 level thanks to a firmer U.S. dollar. On the week, the safe-haven metal turned in its worst week since mid-June. December-dated gold, the most active contract, shed $45.80, or 2.5%, to settle at $1,763.10 an ounce today, and 2.9% on the week.

 

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