The Dow erased earlier losses to add 482 points
Despite trading deep into the red this afternoon, the Dow erased earlier losses to kick off the month of October with a 482-point lead. Contributing to the blue-chip benchmark's surge was a well-received update from Merck (MRK), which announced its oral antiviral drug reduced Covid-19 deaths or hospitalizations by 50% in moderate and mild cases. Stocks tied to a reopening of the economy popped in response, while vaccine stocks tumbled. Nonetheless, the Dow still logged a loss for the week. Both the S&P 500 and Nasdaq also edged higher, as the 10-year U.S. Treasury yield slipped below 1.50%. However, both indexes logged notable weekly losses.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 34,326.46) added 482.5 points, or 1.4% for the day, but fell 1.4% for the week. Merck (MRK) paced the gainers with an 8.4% pop, while Walmart (WMT) fell to the bottom, shedding 1.7%.
The S&P 500 Index (SPX - 4,357.04) rose 49.5 points, or 1.2%, for the day, but shed 2.3% for the week. Meanwhile, the Nasdaq Composite (IXIC - 14,566.70) jumped 118.1 points, or 0.8% for the day. It lost 3.3% for the week.
Lastly, the Cboe Volatility Index (VIX - 21.15) fell 2 points, or 8.6% for the day, but added 19.2% for the week.
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House Speaker Nancy Pelosi and U.S. President Joe Biden are set to negotiate with
progressive Democrats who will not advance the $1 trillion bipartisan infrastructure bill passed in the Senate. (M
arketWatch)
- Alphabet's (GOOGL) Google is scrapping plans to offer bank accounts to users, and will instead focus on digital enablement for banks and other financial services providers. (CNBC)
- This tech concern nabbed an all-time high just in time for earnings.
- A historically bullish signal has call traders piling onto Microsoft stock.
- Rocket stock is in need of a reset following a recent crash to all-time lows.
There were no earnings of note today.
Gold Nabs Daily, Weekly Win Amid High U.S. Inflation
Oil prices were higher on Friday, erasing earlier losses as traders eyed the Organization of the Petroleum Exporting Countries and their allies (OPEC+) meeting on Monday. The group is expected to decide on crude production levels, with analysts expecting to see producers continuing gradual increases in output. In response, November-dated crude rose 85 cents, or 1.1%, to settle at $75.88 a barrel, For the week, the commodity rose 2.6%.
Gold prices also edged higher today, culminating in a modest weekly win of 0.4%. Boosting the yellow metal was news that the costs of goods and services jumped in September, leaving the rate of U.S. inflation at a 30-year high, as price pressures look like they may extend into 2022. In turn, December-dated gold rose $1.40, or 0.1%, to settle at $1,758.40 an ounce for the day.