The Dow lost almost 9 points to close out the week
Stocks closed out the week on a quiet note, after a dismal employment report showed the economy added fewer jobs in September than analysts' estimates. The data cast a shadow on developments in Congress, where officials are working on a short-term hike to the national debt ceiling. The Dow shed 8 points to snap its three-day win streak. The S&P 500 also settled just below breakeven, while the Nasdaq finished with a modest loss. For the week, all three major indexes scored gains. Meanwhile, the Cboe Volatility Index (VIX) logged its fourth consecutive daily loss, and a steep weekly drop.
Continue reading for more on today's market, including:
- Why Tesla is moving its headquarters out of California.
- This biotech stock had to pause a cancer drug trial.
- Plus, Oatly stock pops on analyst praise; top 10 pot stocks to watch; and responding to bond market volatility.
The Dow Jones Average (DJI - 34,746.25) fell 8.7 points, or 0.03% for the day, but rose 1.3% for the week. Chevron (CVX) paced the gainers with a 2.2% pop, while Merck (MKC) fell to the bottom, shedding 1.6%.
The S&P 500 Index (SPX - 4,391.34) dropped 8.4 points, or 0.2%, for the day, but rose 0.8% for the week. Meanwhile, the Nasdaq Composite (IXIC - 14,579.54) shed 74.5 points, or 0.5% for the day, but rose 0.07% for the week.
Lastly, the Cboe Volatility Index (VIX - 18.77) lost 0.8 point, or 3.9% for Friday's session and 11.2% for the week.
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Leaders from 136 countries and jurisdictions, making up 90% of the world's gross domestic product (GDP), reached a deal to increase the
global corporate tax rate to 15%. (
CNBC)
- A new ClimateWorks Foundation report showed solutions that address climate change, such as protecting forests and transitioning to electric vehicles, which have not been happening fast enough. (MarketWatch)
- Oatly stock popped after this brokerage praised its revenue potential.
- These are the top 10 cannabis stocks investors should be watching.
- How to respond to bond market volatility following a steep selloff.
There were no earnings reports of note.
Gold Logs Weekly Losses Despite Dismal Jobs Data
Oil prices settled higher on Friday, after earlier surging above $80 for the first time in almost seven years, before scoring their seventh-straight weekly gain, which came in at nearly 5%. Lower supplies have been boosting the commodity, and it was reported U.S. officials have no plans to release crude oil from the Strategic Petroleum Reserve. As a result, November-dated crude added $1.05, or 1.3%, to settle at $79.35 a barrel for the day.
Gold prices were lower, however, logging their second consecutive daily drop and a weekly loss of $1. The yellow metal erased earlier gains, after surging in response to worse-than-expected jobs report and a weaker U.S. dollar. Nonetheless, December-dated gold dipped $1.80 cents or 0.1%, to settle at $1,757.40 an ounce for the day.