Stocks Reverse Losses, Dow Bags Another Weekly Win

Oil stayed hot, holding above the $80 level

Managing Editor
Apr 6, 2023 at 4:25 PM
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Stocks pared steep losses today, closing out the holiday-shortened trading week strong. The Dow clocked a third consecutive weekly gain, while the S&P 500 and Nasdaq saw their weekly win streaks end at three. Even as investors fretted over lackluster jobs data, Wall Street's "fear gauge," the Cboe Volatility Index, logged its lowest close since Feb. 15

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

  • How did oil prices impact stocks this week?
  • Signal says steer clear of this blue-chip stock.
  • Plus, a semiconductor stock to avoid; more seasonal data; and a retail stock disappoints.

Closing Indexes Summary April 6

NYSE and Nasdaq Stats April 6

5 Things to Know Today 

  1. A bureaucratic system for clean energy, featuring a multi-year waitlist and steep fees, are delaying electricity companies the ability to update the U.S. energy grid, despite improved gigawatt capacity. (CNBC)
  2. The U.S. Food and Drug Administration (FDA) has pulled a drug that was said to help prevent preterm birth in gestational carriers with a heightened risk of the event. (MarketWatch)
  3. Avoid this semiconductor stock in April.
  4. 50 stocks to watch in the second quarter.
  5. Sam's Club rival disappoints with comparable sales.

There were no earnings of note today.

Unusual Options Activity April 6

Gold, Oil Add to Weekly Win Streaks

Oil managed to stay at $80 for another day, while also logging a third-straight weekly gain. For the session, May-dated crude added 9 cents, or 0.1%, to close at $80.70 per barrel on the day, and tacked on 6.7% for the week.

Gold settled lower for Thursday's session as investors leaned toward profit taking, but managed to mark a sixth-straight weekly win. June-dated gold dropped $9.20 or almost 0.5%, to settle at $2,026.40 for the day and up 2% for the week.

 

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