The Dow added 546 points today
Stocks rallied on Friday, with the Dow adding 546 points on the heels of a red-hot U.S. jobs report and upbeat results from Apple (AAPL). Regional banks stocks also surged after J.P. Morgan Securities turned bullish on several names, pushing both the S&P 500 and Nasdaq higher as well. All three major indexes snapped four-day losing streaks, but the Nasdaq was the only one to notch a weekly win, though the blue-chip benchmark swung back into positive territory for the year.
Continue reading for more on today's market, including:
Things to Know Today
- Wholesale used vehicle prices fell last month for the first time in 2023, but remain elevated as automakers ramp up production of new cars and trucks. (CNBC)
- The World Health Organization (WHO) ended the global emergency status for Covid-19 but noted the disease is not over as a global health threat. (Reuters)
- Cinco de Mayo could bode well for these 2 stocks.
- Options bulls blasted DraftKings stock after earnings.
- Fed fatigue after another rate hike dominated Wall Street.
Gold Ekes Out Weekly Win
Oil prices settled higher on Friday, snapping a four-day losing streak after a strong jobs report for April. Black gold still shed a whopping 7.1% this week due to recession fears, making its third-straight in the red. June-dated crude added $2.78, or roughly 4.1%, to close at $71.34 per barrel on the day.
Gold prices moved in the opposite direction, settling lower after the aforementioned jobs report raised questions about the future of interest rate hikes. June-dated gold dropped $30.90, or 1.5%, to close at $2,024.80 an ounce on the day, but added 1.3% this week.