S&P 500, Nasdaq Score Record Closes to Finish Winning Week

Fed Chairman Jerome Powell prepared Wall Street for stimulus tapering

Deputy Editor
Aug 27, 2021 at 4:33 PM
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Stocks finished a stellar week with even more gains, despite Federal Reserve Chairman Jerome Powell preparing Wall Street for the central bank's tapering of $120 billion worth of monthly bond purchases by the end of the year. However, Powell added interest rate hikes would not soon follow. As a result, the S&P 500 and Nasdaq nabbed record closes and weekly wins, and both marked their best week since July. The Dow scored a winning week of its own after registering a 242-point pop, as the 10-year Treasury yield eased following Powell's speech. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), locked its worst weekly performance since June.

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

  • With earnings on the horizon, Zoom stock scored an upgrade.
  • The home workout staple analysts and options traders targeted.
  • Plus, checking in on STNE ahead of earnings; why analysts love WDAY; and unpacking Dell's quarterly report.

The Dow Jones Average (DJI - 35,455.80) rose 242.7 points, or 0.7% for the day. Dow Inc (DOW) led the list of Dow winners after gaining 2.7%, while Walmart (WMT) fell 0.6% to pace the laggards. For the week, the Dow tacked on 1%.

The S&P 500 Index (SPX - 4,509.37) gained 39.4 points, or 0.9% for the day. Meanwhile, the Nasdaq Composite (IXIC - 15,129.50) added 183.7 points, or 1.2% for the day. For the week, the indexes added 1.5% and 2.8%, respectively.

Lastly, the Cboe Volatility Index (VIX - 16.39) shed 2.5 points, or 13% for the day, and 11.7% for the week.

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  1. The U.S. Securities and Exchange Commission (SEC) wants to weigh in on new rules governing "gamification" techniques in online trading apps. (MarketWatch)
  2. According to U.S. President Joe Biden, U.S. health officials are looking to move up the timetable for Covid-19 booster shots to five months from the last dose. (CNBC)
  3. Can an earnings beat help STNE reclaim its former record?
  4. Analysts blitzed Workday stock with bull notes after a quarterly win.
  5. This computer giant pulled back despite beating analysts' estimates.

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Oil Scores Weekly Win as Hurricane Ida Looms

Oil closed out a winning week with another pop, spurred on by worries that supply disruptions may come about as Hurricane Ida looms over the Gulf of Mexico. In fact, some companies have already started to remove workers from platforms in the area. In response, October-dated crude jumped $1.32, or 2%, to settle at $68.74 per barrel. For the week, prices rose more than 10%.

Gold  prices also notched a win today, after Powell reiterated the transitory nature of current inflation levels, and failed to offer a timeline for the central bank to begin tapering off stimulus. Also boosting the yellow metal was a weaker U.S. dollar. December-dated gold added $24.30, or 1.4%, to settle at $1,819.50 an ounce for the day. For the week, prices gained 2%.

 

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