The Nasdaq marked its highest close since September
Stocks snagged daily and weekly wins, following a big week of earnings and economic data. Today's sixth-straight daily gain for the Dow came despite a lackluster quarterly report from blue-chip Intel (INTC), after economists grew hopeful that pricing has peaked following today's personal consumption expenditures (PCE) index reading. This is the index's longest such daily win streak since October.
Though January doesn't wrap up until early next week, the Nasdaq is on track to log its best monthly performance since July and today hit its highest close since September. The VIX, meanwhile, marked its lowest close in two weeks.
Continue reading for more on today's market, including:
5 Things to Know Today
- Goldman Sachs CEO David Solomon is taking a 29% pay cut for 2022, compared to his 2021 take home of $35 million. This is due to a lagging yearly performance for the bank giant. (CNBC)
- A "Book of Names" has been unveiled at the United Nations (UN) to honor 4.8 million Holocaust Victims, on the eve of Holocaust Remembrance Day. To this day, more than 1 million Jews remain unidentified.(MarketWatch)
- Blue-chip ripped to shreds after earnings.
- Red-hot energy stock eyeing more record highs.
- Bull note boost pet food name.
Oil Posts Weekly Loss Ahead of Russian Ban
Oil prices settled lower on Friday, as investors look ahead to the upcoming Feb. 5 ban on Russian oil out of the European Union (EU). The Organization of the Petroleum Exporting Countries (OPEC+) is also slated to hold a meeting mid-next week. March-dated crude shed $1.33, or 1.6%, to settle at $79.68 per barrel for the day and down 2.4% for the week.
On the flip side, gold managed to log a sixth-straight weekly win, up nearly 0.1% -- its longest streak since August 2020. For the day, however, February-dated gold shed 60 cents, or 0.1%, to settle at $1,929.40 per ounce.