The S&P 500 finally closed above the 5,000 level
Wall Street closed the week on a mixed note, with all eyes on the S&P 500 as it finally closed above the record-breaking 5,000 mark, following December's revised inflation reading and more earnings. The broader-market index and Nasdaq both logged their fifth-straight weekly win as well, while the Dow snapped a four-week win streak. In the backdrop, traders' "fear gauge," the Cboe Volatility Index (VIX), logged its worst weekly drop since the end of November.
Continue reading for more on today's market, including:
- Multiple crypto stocks bounced alongside Bitcoin.
- Earnings reports you may have missed this week.
- Plus, bulls made the right bet; Pepsi's earnings; and PINs' downfall.
5 Things to Know Today
- Robert Hur's special counsel report found evidence that U.S. President Joe Biden willfully retained and shared highly classified information when he was a private citizen, but criminal charges weren't warranted. (MarketWatch)
- While big banks cut overdraft fees -- collecting 25% less last year -- customers still paid $2.2 billion in 2023. (CNBC)
- How options bulls profited with Carvana stock.
- Beverage giant records dismal quarterly results.
- Earnings pushed this social media stock lower.
Oil Prices Surged This Week After Ceasefire Fails
Oil futures surged this week, after hopes for a ceasefire between Israel and Hamas were dashed. For the session, March-dated West Texas Intermediate Crude (WTI) added 62 cents, or 0.8%, to finish at $76.84 per barrel, and surged 6.3% for the week.
Higher bond yields pressured gold prices lower for the day and the week. April-dated gold lost $9.20, or 0.4%, to settle at $2,038.70 for the session, and shed 0.2% for the week.