The S&P 500 and Nasdaq scored weekly wins, to boot
Investors set aside inflation and geopolitical fears on Friday to help stocks extend their impressive rebound. The Dow rose 834 points to score its second-straight gain and best day since November 2020, but still walked away with a weekly loss. Both the S&P 500 and tech-heavy Nasdaq also nabbed comfortable gains and their second consecutive wins, closing the week in the black, though the latter remains in correction territory.
Despite Russia closing in on Ukraine's capital of Kyiv, news that the Kremlin is willing to negotiate in Belarus boosted sentiment today. European Union (EU) officials are still reportedly considering imposing sanctions on any assets of Russian President Vladimir Putin and Foreign Minister Sergey Lavrov, though. Elsewhere, investors also weighed inflation data, with the personal consumption expenditures (PCE) index surging to its highest level since April 1983.
Continue reading for more on today's market, including:
- Strong quarterly results gave Etsy stock a boost.
- Cinemark stock brushed off a surprise earnings win.
- Plus, analyst upgrades oil name; options traders rush Foot Locker stock; and did TXN find a bottom?
The Dow Jones Average (DJI - 34,058.75) added 834.9 points, or 2.5% for the day, but fell 0.06% for the week. Johnson & Johnson (JNJ) led the gainers with a 5% jump, with not a single component in the red.
The S&P 500 Index (SPX - 4,384.65 ) rose 96 points, or 2.2% for the day, and 0.8% for the week. Meanwhile, the Nasdaq Composite (IXIC - 13,694.62) gained 221 points, or 1.6% for today's session, and 1.1% for the week.
Lastly, the Cboe Market Volatility Index (VIX - 27.59) fell 2.7 points, or 9% for the day, and 0.7% for the week
5 Things To Know Today
- A Danish study found the omicron BA.2 subvariant is more contagious and can lead to reinfection, though Covid-19 cases continue to fall across the globe. (CNBC)
- The Securities and Exchange Commission (SEC) proposed a new rule that would require short-sellers to disclose their positions on a monthly basis. (MarketWatch)
- Free cash flow potential prompted one analyst to upgrade this oil stock.
- Options traders rushed Foot Locker stock after an earnings beat.
- Did a recent bear note push Texas Instruments stock to a bottom?
Gold Prices Mark First Weekly Loss Since January
Oil prices fell on Friday, but still eked out a 1.5% weekly win, amid the Russia-Ukraine crisis. Weighing on the commodity was the realization that a war is unlikely to lead to crude disruptions, though investors are still considering how the situation may develop if Russia takes over Kyiv. For the day, April-dated crude fell $1.22, or 1.3%, to settle at $91.59 per barrel.
Gold prices settled lower as well, marking their first weekly loss since January. This negative price action came after Russia said it would send a delegation to Belarus to talk to Kyiv. As a result, April-dated gold shed $38.70, or 2%, to finish at $1,887.60 per ounce. For the week, bullion lost 0.6%.