The Dow added 216 points today
The highest inflation reading in nearly 40 years did little to deter Wall Street today, as stocks charged higher in the afternoon hours. The Dow walked away with a 216-point pop, while the S&P 500 and Nasdaq registered substantial wins of their own. For the week, all three major indexes finished with solid gains, with the Dow snapping a four-week losing streak. Elsewhere, the Cboe Volatility Index (VIX) logged its fourth loss in five days, and clocked its worst weekly percentage loss since 2016.
Continue reading for more on today's market, including:
- These were the 9 hottest cannabis stocks this week.
- Beyond Meat stock sank after a Taco Bell snub.
- Plus, analysts sing COST's praises; tech stock scores government contract; and why options bears rushed this retail stock.
The Dow Jones Average (DJI - 35,970.99) added 216.3 points, or 0.6% for the day, and 4% for the week. Cisco Systems (CSCO) led the gainers, adding 3%, while Goldman Sachs Group (GS) paced the laggards with a 1.4% fall.
The S&P 500 Index (SPX - 4,712.02) rose 44.6 points, or 1% for the day, and 3.8% for the week. Meanwhile, the Nasdaq Composite (IXIC - 15,630.60) jumped 113.2, or 0.7% for the day, and 3.6% for the week.
Lastly, the CBOE Volatility Index (VIX - 18.69) shed 2.9 points, or 13.4% for the day, and 39% for the week.
- Centers for Disease Control (CDC) data shows the first-known omicron patient in the U.S. had symptoms on Nov. 15 , indicating the strain may have been present in the country sooner than previously indicated. (CNBC)
- President Joe Biden will sign an executive order next week that aims to make the U.S. carbon-neutral by 2050, through a fleet of electric vehicles and changes to how government buys electricity. (MarketWatch)
- Why analysts blasted Costco stock with bull notes after earnings.
- This tech stock surged after scoring a big government contract.
- American Outdoor stock's dismal outlook drew options bears.
Inflation Data Helps Gold to First Weekly Win Since November
Oil prices settled higher on Friday to notch an over 8% win for the week -- the best since August. Today's pop came as investors became confident that the omicron strain will not majorly impact crude demand or economic activity. In turn, January-dated crude added 73 cents, or 1%, to finish at $71.67 per barrel.
Gold prices finished higher as well to score their first weekly gain since early November. Boosting the yellow metal was a red-hot inflation reading, which saw its biggest jump in nearly four decades. As a result, February-dated gold rose $8.10, or 0.5%, to close at $1,784.80 per ounce. For the week, prices were slightly above breakeven.