Stocks Finish Another Week Deep in the Red

All three major indexes logged their second-straight weekly loss

Deputy Editor
Dec 16, 2022 at 4:35 PM
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Stocks finished lower for the day and week on quadruple witching Friday. The Dow finished the day down 281 points, its third-straight daily loss and second-straight weekly loss. The S&P 500 and Nasdaq also finished lower, although all three major indexes pared much steeper gains in the final hour of trading, with the blue-chip index once off by over 500 points at its session lows. Case in point, Wall Street's "fear gauge" -- the Cboe Volatility Index (VIX) -- reversed course by the end of the day to drop lower for the day and week as well. 

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

  • Buyout buzz sent Maxar stock soaring today. 
  • Biotech company announces expansion plans. 
  • Plus, X reclaims trendlines; call traders scored big with BA; and behind ADBE's surge. 

The Dow Jones Industrial Average (DJI - 32,290.46) lost 1.7% for the week, while the S&P 500 Index (SPX - 3,852.36) and Nasdaq Composite Index (IXIC - 10,705.41) posted weekly losses of 2.1% and 2.7%, respectively. 

The Cboe Volatility Index (VIX - 22.62) lost 0.9% for the week.  

Closing Indexes Summary Dec 16

NYSE and Nasdaq Stats Dec 16

5 Things to Know Today 

  1. Goldman Sachs is reportedly laying off thousands of employees, though the number of employees will still be higher than before the pandemic. (MarketWatch)
  2. Elon Musk is receiving backlash internationally, after suspending no fewer than five journalists from Twitter. (Reuters)
  3. Steel staple lifts guidance on strong demand
  4. Unpacking our mega-successful call option on Boeing stock. 
  5. Analysts praise Adobe stock after strong earnings

Corporate Earnings Dec 16

Unusual Options Activity Dec 16

Oil Rises Nearly 5% for the Week

Oil prices fell for the second day, with West Texas Intermediate (WTI) crude for January delivery dropping $1.82, or 2.4%, to settle at $74.29 a barrel. For the week, however, the commodity added 4.6%. 

Gold prices rose for the day to finish up a volatile week. February-dated gold added $12.40, or 0.7%, to settle at $1,800.20 per ounce, though the front-month contract still fell 0.6% for the week. 

 

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