Dow Snaps Losing Streak, Marks Worst Week Since March 2023

This morning's stronger-than-anticipated jobs data remained in the spotlight

Deputy Editor
Apr 5, 2024 at 4:27 PM
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The Dow recovered some of yesterday's staggering 530-point drop today, snapping a four-day losing streak and finally ending its second-quarter slump. The blue-chip index finished the day up 307 points, though it's still notching its worst week since March 2023, while the S&P 500 and Nasdaq suffered weekly losses as well.

Investors inspected better-than-expected jobs data today, though it brought mixed sentiment regarding its potential reverberations into Fed rate decisions. Meanwhile, consumer credit rose 3.4% in February, down from January's 4.2% rate. 

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

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5 Things to Know Today

  1. Due to stiff competition from China-based electric vehicle (EV) makers, Tesla (TSLA) is getting rid of its low-cost car plan(Reuters)
  2. McDonald's (MCD) will buy all 225 franchises in Israel from local company Alonyal Ltd. due to boycotts. (CNBC
  3. Rosenblatt Securities sees tailwinds blowing for 2 tech stocks. 
  4. Analyzing the risks and rewards of options trading. 
  5. Cinemark stock hit with double upgrade

There were no earnings of note today. 

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Oil Rose Nearly 5% This Week

Oil prices rose for the sixth consecutive session amid tensions in the Middle East. May-dated West Texas Intermediate (WTI) added 32 cents, or 0.4%, to $86.91 a barrel for the day, and 4.5% for the week. 

Gold prices hit even more record highs today, with June-dated U.S. gold futures rising $36.90 or 1.6%, to $2,345.40 per ounce on Friday and 3.9% on the week.

 

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