Dow Snaps 8-Week Losing Streak as Inflation Cools

The VIX scored its worst weekly performance in at least two months

Deputy Editor
May 27, 2022 at 4:28 PM
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Stocks closed out the week on a high note, with the Dow logging a 460-point win to score its sixth-straight daily gain and snap an eight-week losing streak. The S&P 500 and Nasdaq finished the session higher as well, and, thanks to a report that showed inflation is slowly cooling off, were able to snap seven week losing streaks. The Cboe Market Volatility Index (VIX), meanwhile, finished with its worst weekly performance since March.

Continue reading for more on today's market, including:

  • 6 pot stocks that are trying to burn the bears.
  • Ulta stock's post-earnings bull note barrage.
  • Plus, apparel retailer hit with bear notes; Apple's production update; and call traders target computer software name.

The Dow Jones Average (DJI - 33,212.96) gained 575.8 points, or 1.8% today, and jumped 6.2% this week. Every Dow component walked away with a win, led by Apple's (AAPL) 4.1% pop.

The S&P 500 Index (SPX - 4,158.24) added 100.4 points, or 2.5% for the day, while the Nasdaq Composite (IXIC - 12,131.1) jumped 390.5 points, or 3.3% for the session. The benchmarks were able to add 6.6% and 6.8%, respectively, this week.

Lastly, the Cboe Market Volatility Index (VIX - 25.72) lost 1.8 point, or 6.5% today. For the week, Wall Street' "fear gauge" lost 12.6%.

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5 Things to Know Today

  1.  The University of Michigan released its gauge of consumer sentiment, and the results were less than inspiring. (MarketWatch)
  2. Here's how the New York Attorney General's probe into former U.S. President Donald Trump's business is going. (Reuters)
  3. Why Gap stock was slammed with bear notes after earnings.
  4. Apple provides insight into its iPhone production plans.
  5. Computer software stock attracts bullish attention.

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Oil, Gold Both End Week Higher

Oil futures scored another win today, with the start of U.S. driving season right around the corner and supply concerns sending prices higher. As a result, July-dated crude rose 98 cents, or 0.9%, to settle at $115.07 per barrel, and 4.3% this week. This marked crude's fifth-straight weekly pop.

Gold prices finished Friday's session higher, boosted by data that showed cooling inflation in the U.S. For the week, gold added 0.8%, while August-dated gold, the now most active contract, today rose $3.40, or 0.2%, to settle at at $1,857.30 an ounce.

 

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