Oil Posts Best Week Since March 2023

The major indexes saw their fourth-straight weekly wins

Emma Duncan

Managing Editor

Oct 4, 2024 at 4:33 PM

All three major benchmarks extended their weekly win streaks to four on Friday. Iran's missile attack on Israel earlier in the week made for a volatile start to October, but a refreshing bout of nonfarm payrolls data gave stocks a boost today, with both the Dow and Nasdaq scoring triple-digit gains. The S&P 500 settled firmly higher as well as traders eyed crude's multi-day surge.

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

2 ETFs to target in Q4.
Big news you might have missed this week.
Plus, cloud name for bulls; bankruptcy buzz boosts airliner; and pharma stock looking to rebound.

indexesoct4

nyseoct4

5 Things to Know Today

Stellantis (STLA) filed a lawsuit United Auto Workers union after a multi-month fight between the union and employer. (CNBC)
The European Union (EU) voted to move ahead with tariffs for China-made electric vehicle (EV), despite an originally split vote. (Reuters)
Buy calls on this cloud stock.
Airline surging on rival bankruptcy buzz.
Pharmacy leader takes on new challenges.

There were no earnings of note today.

Oil Logs Blockbuster Weekly Win

Tensions in the Middle East continued to drive crude prices higher. November-dated West Texas Intermediate (WTI) crude rose 67 cents, or 0.9%, to settle at $74.38 per barrel on the day. Black gold was up 9% for the week -- its best since March 2023.

With an aggressive interest rate cut now less likely after today's latest payrolls report, gold prices pulled back. Gold for December delivery fell $11.40, or 0.4% to trade at $2,667.80 for the day, and lost around 0.02% for the week.

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