Stocks Shake Off August With Impressive Weekly Wins

Oil and gold closed higher for the day and week

Managing Editor
Sep 1, 2023 at 4:24 PM
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Stocks were all over the place to start September, putting a modest bow on a surprisingly upbeat week on Wall Street. August left markets battered, but this week's gain in tech and the latest batch of jobs data sent the Dow, Nasdaq, and S&P 500 to their best weekly performance since July. For the day, the blue-chip index and SPX were the only winners, with the former managing a triple-digit pop.

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

  • How tech and AI buzz sent stocks surging this week.
  • 3 examples of moneyness impacting options trading.
  • Plus, DELL's record peak; top pick's post-earnings pop; and buy signal for DKNG.

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5 Things to Know Today

  1. A spot version of Bitcoin (BTC) in the form of an exchange traded fund (ETF) may be headed toward Wall Street. (MarketWatch)
  2. China readies to enact several plans to rescue its economy from the global slowdown. (Reuters)
  3. How Dell stock just enjoyed its best performance to date.
  4. Post-earnings pop triggers bull pick surge.
  5. Historic signal says buy this gambling stock now.

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Oil Closes as Highest Level of 2023

Oil roared to its highest close of 2023, while also boasting an impressive 7% weekly gain. October delivery added $1.92, or 2.3%, to settle at $85.55 per barrel for the day.

Following the latest U.S. jobs report, gold retreated from session highs but still eked out a modest win. December-dated gold added $1.20, or 0.1%, to settle at $1,967.10 an ounce for the day and up 1.4% for the week.

 

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