Major Indexes Log 8th Straight Weekly Wins

Oil and gold managed sweeping weekly wins as well

Managing Editor
Dec 22, 2023 at 4:30 PM
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Stocks were mixed Friday despite cooler-than-expected inflation data, with the Dow logging a modest loss after Nike's (NKE) post-earnings drop weighed heavy. The S&P 500 and Nasdaq logged mediocre wins on the day, while for the week, all three indexes marked an eighth consecutive gain, with the SPX seeing its longest weekly win streak since 2017.

  • Energy stocks to keep close to the belt in 2024.
  • Santa Claus delivered a rally before Christmas.
  • Plus, Bristol-Myers' buyout buzz; analyst names next crypto giant; and traders bet on Nike stock slide.

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5 Things to Know Today

    1. Following Beijing's proposal of new gaming guidelines, China-based tech giants such as Bilibili (BILI) and Tencent (TME) suffered steep losses. (CNBC)
    2. Durable goods orders saw their highest gain since July 2020, posting a rise of 5.4% for November, easily beating analysts' expectations. (MarketWatch)
    3. Billion-dollar buyout buzz boosts Bristol-Myers stock.
    4. Brokerage firm says this is the Amazon of crypto.
    5. Contrarian traders snatch up the Nike stock drop.

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    Oil, Gold Strike Weekly Wins

    Disruptions in the Red Sea helped oil futures to a weekly gain, despite a daily pullback for Friday's session. West Texas Intermediate (WTI) crude for February delivery dropped 33 cents, or 0.5%, to settle at $73.56 a barrel. For the week, the commodity jumped 2.5%.

    The latest inflation reading and slipping Treasury yields sent gold surging for the day and week. February-dated gold futures added $17.80, or 0.9%, to settle at $2,069.10 per ounce on the day, and up 1.4% for the week.

     

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