All three major indexes finished with daily and weekly gains
Stocks rose on Friday, with all three major indexes securing their sixth-straight weekly wins. Coming into today, it looked like the Nasdaq Composite (IXIC) was the only benchmark that would mark a weekly gain, but the S&P 500 (SPX) hit a fresh 2023 high in today's trading, while the Dow Jones Industrial Average (DJIA) closed the day with a triple-digit lead. Consumer sentiment data lifted investor spirits today, although Treasury yields are still surging after this morning's nonfarm payrolls report.
- The best and worst stocks to own in December, historically.
- Outperforming biotech stock upgraded ahead of anticipated FDA nod.
- Plus, LULU's strong revenue; Spotify's busy week; and options trading advantages.
5 Things to Know Today
- The Biden administration is giving U.S. cities 10 years to replace their lead pipes -- a billion-dollar endeavor -- though some cities such as Chicago could get longer. (MarketWatch)
- According to the Federal appeals court, New York can ban guns at a number of "sensitive locations," including public parks and sports venues. (MarketWatch)
- Popular athleisure stock starting the holiday season off strong.
- Unpacking Spotify's restructuring plans.
- The many advantages of options trading vs. stock trading.
Oil Marks Longest Weekly Losing Streak Since 2018
Oil snapped a six-day losing streak today, though still logged a seventh-straight weekly decline -- its longest losing streak since 2018. West Texas Intermediate (WTI) crude for January delivery added $1.89, or 2.7%, to settle at $71.23 a barrel for the day, and finished the week 3.8% lower.
Gold prices fell today, as the U.S. dollar strengthened in the wake of the strong jobs data. December-dated gold futures fell $31.90, or 1.6%, to settle at $2,014.50 an ounce. For the week, prices fell 3.6%, despite the safe-haven asset notching record highs early in the week -- their first weekly loss since Nov. 10.