The S&P 500 and Nasdaq logged their fourth-straight win today
After struggling for direction most of the day, the Dow finished modestly higher, while the S&P 500 eked out a fourth consecutive gain and record close. The tech-heavy Nasdaq logged a triple-digit gain for its fourth-straight win and an all-time peak of its own.
All three indexes finished with healthy weekly wins, the lattermost's fifth-straight and best performance since April 26. Trading volume was muted during the holiday-shortened week, but after the jobs data this morning, investors head into the thick of summer encouraged by the prospect rate hikes in September.
Continue reading for more on today's market, including:
- A shortened week still brought plenty of fireworks.
- Big bank earnings highlight next week.
- Plus, Macy's pops; using options to your advantage; and more tables to consider.
5 Things to Know Today
- For the first time in 14 years, the Conservative Party was voted out of power in the U.K,. making way for the long-awaited Labour Party's reign and new Prime Minister, Keir Starmer. (CNBC)
- Following months of disagreements, Germany's government has reached a consensus for the economy's 2025 budget -- including a stimulus package. (MarketWatch)
- Macy's stock soars on buyout buzz.
- How to use options to boost your portfolio.
- Best and worst stocks to watch for the rest of 2024.
There were no earnings of note today
Oil, Gold Mark Impressive Weekly Wins
Crude prices fell for the day but logged a solid weekly win. August-dated West Intermediate (WTI) crude shed 72 cents, or 0.9%, to settle at $83.16 per barrel for the session and climbed by more than 2% for the week.
As pressure continued to weigh on the U.S. dollar and economic reports suggested a slowing economy, gold finished at its highest mark since May. August-dated gold added $28.30, or 1.2%, at $2,397.70 an ounce for the day, and posted its best week since May 10, gaining 2.5%.