Dow Snags Record Close, Indexes Nab Weekly Wins

All three indexes logged their third-straight weekly win

Deputy Editor
Oct 22, 2021 at 4:27 PM
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After trading below breakeven earlier in the day, the Dow reversed course by the afternoon to grab another record close. The S&P 500 settled in the red for the day, snapping a seven-day win streak in the process. A decline in tech shares, thanks to a number of disappointing earnings reports, resulted in a triple-digit loss for the Nasdaq.

Intel (INTC), in particular, plummeted after posting a weaker-than-expected sales report. On the other hand, Tesla (TSLA) notched another record high, while Netflix (NFLX) and Microsoft (MSFT) also landed fresh peaks. Despite the volatility, all three indexes notched their third-straight weekly win. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), bounced back today after logging its lowest close of 2021 yesterday.

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

  • Tapping into the link between bond yields and natural gas
  • Mattel stock could stay  hot this holiday season. 
  • Plus, the food producer analysts love; the homebuilding stock to buy on the dip; and the analyst calling Zoom stock's bottom. 

The Dow Jones Average (DJI - 35,677.02)  added 73.9 points or 0.2% for the day. American Express (AXP) paced the gainers with a 5.4% pop, while INTC fell to the bottom, shedding 11.7%. For the week, the Dow added 1.1%. 

The S&P 500 Index (SPX - 4,544.90) lost 4.9 points, or 0.1% for the day, but gained 1.6% for the week, while theNasdaq Composite (IXIC - 15,090.20) lost 125.5 points, or 0.8% for the day, but added 1.3% for the week. 

Lastly, the Cboe Volatility Index (VIX - 15.43) added 0.4 point, or 2.8% for the day, but shed 5.3% for the week.

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  1. Wheat production is expected to hit its lowest level in a decade, thanks to extreme weather conditions and drought. As a result futures prices for oats, sugar, wheat, and corn are all surging. (MarketWatch)
  2. U.S. officials are keeping a close eye on the "delta plus" variant, formally known as AY.4.2, which is currently spreading in the U.K., with at least five cases detected in the U.S. so far. (CNBC)
  3. A look at Fresh Del Monte Produce stock's fundamentals before earnings. 
  4. The homebuilding stock looking ready for a bullish shift in analyst attention. 
  5. Could Zoom stock zip higher in 2022? One analyst is counting on it. 

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Oil Prices Log Longest Weekly Win Streak on Record 

Oil prices bounced back from yesterday's dip, while also logging their ninth-consecutive weekly win, marking the commodity's longest weekly win streak on record. The most active December-dated crude contract added $1.26, or 1.5%, to settle at $83.76 a barrel, and added 2.5% for the week.

Gold prices rose on Friday, though comments from Federal Reserve Chairman Jerome Powell concerning the upcoming tapering of bond purchases put some weight on the commodity later in the day. December-dated gold tacked on $14.40, or 0.8%, to settle at $1,796.3 an ounce for the day, and added 1.6% for the week. 

Trader: Sell These 8 Stocks in 2021

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