All three major benchmarks secured weekly wins
The major indexes managed to finish strong, each securing a third-straight daily win while simultaneously snapping three-week losing streaks -- brushing off interest rate concerns and comments from Federal Reserve Chairman Jerome Powell. Both the Dow and Nasdaq closed up triple digits, while the S&P 500 finished firmly in the black as well. Wall Street's "fear gauge," the Cboe Volatility Index (VIX) logged its worst week since late June.
Continue reading for more on today's market, including:
- Tesla is in the spotlight on lithium refinery plans.
- Why Zumiez stock touched a 2-year low today.
- Plus, the sector for bulls to avoid this month; and 2 stocks hit with downgrades.
The Dow Jones Average (DJI - 32,151.71) added 377.2 points, or 1.2% for the day, and 2.7% for the week. Salesforce.com (CRM) paced the winners with a 3.6% rise, while UnitedHealth Group (UNH) landed at the bottom of the list with a slim 0.3% drop.
The S&P 500 Index (SPX - 4,067.36) tacked on 61.2 points, or 1.5% for the day, and 3.7% for the week. Meanwhile, the Nasdaq Composite (IXIC - 12,112.31) added 250.2 points, or 2.1% for the day, and 4.1% for the week.
Lastly, the Cboe Volatility Index (VIX - 22.79) shed 0.8 point, or 3.5% for today's session, dropping 10.5% for the week.
5 Things to Know Today
- G-7 countries are still trying to recruit more countries to join a Russian oil price cap, which is expected to expected to go into effect by the end of the year. (CNBC)
- Restaurant Brands' (QSR) Burger King plans to spend $400 million in the next two years as it refreshes and modernizes its brand. (CNBC)
- Why Real Estate Investment Trust's (REITs) tend to underperform in September.
- Analyst says loan forgiveness could cause trouble for Navient.
- Why options bears targeted Virgin Galactic stock today.
Oil Prices Post Small Weekly Loss
Oil prices climbed for the second day as supply concerns loom. October-dated crude rose $3.25, or 3.9%, to settle at $86.79 per barrel on the New York Mercantile Exchange. For the week, the front-month contract inched 0.1% lower.
Gold futures rose today as the U.S. dollar retreated from a 20-year high. December-dated gold added $8.40, or 0.5% settle at $1,728.60 per ounce for the day, and gained roughly 0.4% for the week.