The indexes scored impressive weekly wins, too
The major indexes closed out the first week of November at record levels, with investor sentiment boosted by a better-than-expected October jobs report. Pfizer (PFE) gave an update regarding its Covid-19 pill, which further fueled hope for a smooth economic reopening. In response, the Dow added over 200 points, nabbing a record close and its seventh win in the last eight trading days. In addition, the S&P 500 locked in its seventh-straight win and the Nasdaq landed its 10th. All three indexes locked in a fourth-straight weekly win, the Dow's longest such streak since February 2019.
Continue reading for more on today's market, including:
- Digging into why Airbnb stock popped today.
- Analyst turned pessimistic on this social media stock.
- Plus, TripAdvisor stock could surge soon; unpacking Canada Goose's earnings; and what boosted EXPE today.
The Dow Jones Average (DJI - 36,327.95) gained 203.7 points or 0.6% for the day, and 1.4% this week. Boeing (BA) paced the winners with a 5.4% win, while Merck (MRK) plunged 9.9% to round out the list of laggards.
The S&P 500 Index (SPX - 4,697.53) added 17.5 points, or 0.4% for the day, while the Nasdaq Composite (IXIC - 15,971.59) tacked on 31.3 points, or 0.2% for the day. The indexes added 2% and 3.1%, respectively, this week.
Lastly, the Cboe Volatility Index (VIX - 16.48) added 1 point, or 6.7% for the day, and 1.2% this week.
- Pfizer announced its antiviral pill reduces the risk or hospitalization or death in adults at risk of developing severe Covid-19 by 89%. (Reuters)
- The U.S. Virgin Islands served Barclays a subpoena for a deluge of documents related to Jeffrey Epstein, four days after its CEO quit amid an investigation into his relationship with the late criminal. (CNBC)
- Post-pandemic traveling could breathe life back into this stock.
- Canada Goose stock popped after a beat-and-raise.
- Pfizer's antibody pill update put some wind at EXPE's sails.
Oil Prices Rise As OPEC+ Rebuffs Output Pleas
Oil prices rose on Friday, after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) ignored U.S. pleas to raise supply. The organization will instead move forward with plans to gradually increase outputs. For the day, December-dated crude added $2.46 cents, or 3.1% to settle at $81.27 a barrel. Black gold shed 2.8% on the week.
Gold prices rose as well, following the release of better-than-expected monthly jobs data in U.S. As a result, December-dated gold rose $23.30 or, 1.3%, to settle at $1,816.80 on the day, it's highest close since September. Meanwhile, a particularly dovish tone from major central banks helped bullion secure a 1.8% rise for the week.