Wall Street's "fear gauge" fell to its lowest level in over a month
The Dow, S&P 500, and Nasdaq all managed to log their second-straight weekly wins, brushing off a volatile tech sector and continued tensions between Ukraine and Russia. Wall Street was also keeping close watch on the hawkish comments that came from the Fed earlier this week, and pending home sales fell 4.1% month-over-month. The blue-chip index managed to log a 153-point gain, despite teetering between breakeven for most of the afternoon. Elsewhere, the Cboe Market Volatility Index (VIX) logged its lowest close since Feb. 9.
Continue reading for more on today's market, including:
- Retail stock jumps higher on board of directors news.
- 2 cannabis stocks that enjoyed a fresh early morning surge.
- Plus, a gaming stock that might be of investor interest; analyst praises drug name; and tech giant sinks lower.
The Dow Jones Average (DJI - 34,861.24) added 153.3 points, or 0.4% for the day. Intel (INTC) led the gainers with a 6.9% gain, while Nike (NKE) paced laggards with a 0.7% drop. For the week, the blue-chip index added 0.3%.
The S&P 500 Index (SPX - 4,543.06) added 22.90 points for the day, or 0.5%, while the Nasdaq Composite (IXIC - 14,169.30) shed 22.54 points, or 0.2% in today's session. For the week the indexes moved 1.8% and 2% higher, respectively.
Lastly, the Cboe Market Volatility Index (VIX - 20.81) lost 0.9 point, or 4% for the day. The market's "fear gauge" sank 12.9% on the week.
5 Things To Know Today
- U.S. President Biden landed a deal with the European Union to help supply natural gas and lessen the latter's dependency on Russian output as its war with Ukraine ekes into its second month. (CNBC)
- More behind GameStop's (GME) impressive win streak on the charts. (MarketWatch)
- The gaming stock that might be the right investor play.
- Why this big pharma name just landed analyst praise.
- Brokerage firm slams struggling cybersecurity stock.
Oil Surges for the Week on Saudi Arabia Conflict
Supply concerns due to an alleged strike on a Saudi Arabian oil facility sent crude surging for the week, up almost 12%. For the day, black gold added $1.56 or 1.4%, for the now most active, front-month contract May delivery to settle at $113.90.
Gold settled lower to close out the week, as investors continued to keep a close eye on the Fed's hawkish comments and the Ukraine-Russia war. April-dated gold sank $8 or 0.4%, to close at $1,954.20 per ounce for the day, but managed a 1.3% rise for the week.