Nasdaq, S&P 500 Pop; Dow Extends Weekly, Daily Win Streaks

The VIX had its worst week since March

Digital Content Manager
Oct 28, 2022 at 4:31 PM
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A dismal earnings report from Amazon.com (AMZN) couldn't stop stocks from rallying on Friday, as a refreshing batch of inflation and consumer spending data boosted sentiment on Wall Street. The Dow added over 800 points, settling at its highest level since Aug. 25 and scoring its sixth-straight daily win, as well as a fourth consecutive week of gains. The S&P 500 and Nasdaq finished sharply higher as well, each logging back-to-back weekly wins. Elsewhere, the Cboe Volatility Index (VIX) had its worst week since March, and saw its lowest close since Sept. 19.

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

  • How Apple stock bucked the Big Tech bust.
  • Raised subscriber forecast boosted T-Mobile stock.
  • Plus, more on AMZN; behind Exxon Mobil's record profits; and don't miss out on the next gold rush.

The Dow Jones Average (DJI - 32,861.80) added 828.5 points, or 2.3% for the day, and 5.7% for the week. Intel (INTC) led the gainers, adding 10.7%, while Dow (DOW) was the only stock in the red with a 0.3% drop.

The S&P 500 Index (SPX - 3,901.06) gained 93.8 points, or 2.5% for the day, and 4% for the week. Meanwhile, the Nasdaq Composite (IXIC - 11,102.45) rose 309.8 points, or 2.9% for the session, and 2.2% for the week.

Lastly, the Cboe Volatility Index (VIX - 25.76) shed 1.6 points, or 6% for the session, and 13.2% for the week.

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5 Things to Know Today

  1. U.S. House Speaker Nancy Pelosi's husband, Paul Pelosi, was “violently assaulted” with a hammer by an assailant that was searching for the House speaker. (CNBC) 
  2. Tesla (TSLA) CEO Elon Musk has reportedly fired CEO Parag Agrawal and other executives on his first day as the official owner of Twitter (TWTR). (MarketWatch)
  3. Dismal earnings results pushed Amazon.com stock to two-year lows.
  4. Exxon Mobil stock nabbed fresh highs thanks to record-setting profits.
  5. The next gold rush: How investors can benefit from the lithium industry.

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Oil Prices Move Lower, Still See Winning Week

Oil prices moved lower on Friday, but still managed to close out the week with a 3.4% win. Energy demand fears contributed to today's losses, resurfacing following Covid-19 restrictions in China. December-dated crude fell $1.18, or 1.3%, to finish at $87.90 per barrel on the day.

Gold prices settled lower as well, and registered a weekly loss of 0.7% to boot. Traders are still unsure about the Federal Reserve's next moves, and how it will impact the safe-haven metal. For the day, December-dated gold shed $20.80, or about 1.3%, to finish at $1,644.60 an ounce.

 

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