The S&P 500 and Nasdaq logged four consecutive daily wins
Stocks finished Friday's session higher, with the Dow managing to snap a five-week losing streak and log a fifth-straight daily gain. The S&P 500 and Nasdaq also locked in notable sessions, both hitting four consecutive daily wins. Meanwhile, all three indexes scored their best weekly performance since November 2020. This week's Fed meeting remained in focus, as well as a rising Covid-19 case count in several global regions. A virtual call between President Joe Biden and Chinese leader Xi Jinping was on investors' minds today, which aimed to sway China from giving aid to Russia amid its invasion of Ukraine. Russia's avoidance of a historic debt default through a $117 million bond payment also made headlines.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 34,754.93) added 274.2 points, or 0.8% for the day. Salesforce.com (CRM) led the gainers with a 4% jump, while Verizon (VZ) paced the losers with a 3% drop. For the week, the DJI added 5.5%.
The S&P 500 Index (SPX - 4,463.12) climbed 51.5 points, or 1.2% for the day, while the Nasdaq Composite (IXIC - 13,893.84) rose 279 points, or 2% for today's session. The IXIC managed to also log a third-straight, triple-digit pop. On the week, the indexes tacked on 6.2% and 8.2%, respectively.
Lastly, the Cboe Market Volatility Index (VIX - 23.87) lost 1.8 point, or 7% for the day. For the week, the market's "fear gauge" plunged over 22%.
5 Things To Know Today
- Several global retail and food chains remain restricted from withdrawing from continuing services in Russia, due to complicated franchise contracts. The plea for a service halt comes directly from Ukrainian President Volodymyr Zelelnskyy, whom encourages countries to apply economic pressure to Russia amid the ongoing war. (CNBC)
- Chinese President Xi Jinping condemned the Russian invasion of Ukraine in his two-hour video call with U.S. President Joe Biden, saying it was "not something we want to see." (Bloomberg)
- Disappointing forecast drags this major steel stock.
- Restaurant chain sinks on double downgrade.
- Clothing rental name surging on analyst praise.
Oil Plunges Over 4% on the Week
Black gold managed to settle higher, despite peace talks between Ukraine and Russia failing to make progress, leaving supply worries at the forefront. For the day, April-dated crude added $1.72, or 1.7%, to settle at $104.70 per barrel. Oil did log a steep, more than 4% loss on the week, however.
Gold prices suffered a loss on the day and week, as traders of the precious metal digested interest rate hikes in both the U.S. and U.K. Also weighing heavy was a surge in the former country's dollar. April-dated gold shed $13.90, or 0.7%, to settle at $1,929.30 per ounce for today, and 2.8% for the week.