The DJIA ended lower, while the COMP broke out to an all-time high, thanks to Google Inc's (GOOGL) historic day
The Dow Jones Industrial Average (DJIA) closed the week on a sour note, amid a round of mixed economic reports (and their rate-hike implications). However, the Nasdaq Composite (COMP) had a huge session, surging to a record high on the back of Google Inc's (NASDAQ:GOOGL) historic day, in which the stock posted the biggest-ever single-day gain in market capitalization (roughly $65 billion). Overseas, the German parliament gave the green light on Greek bailout talks, and the European Council approved a bridging loan for Athens. Looking ahead, more highly anticipated earnings reports are in store, with Apple Inc. (NASDAQ:AAPL) headlining.
Continue reading for more on today's market, including:
The
Dow Jones Industrial Average (DJIA - 18,086.45) spent the day in the red, settling on a loss of 33.8 points, or 0.2%. Just seven of the Dow's 30 components ended higher, led by IBM (NYSE:IBM) and AAPL, which each added 0.9%. Meanwhile, Intel Corporation (NASDAQ:INTC) and Chevron Corporation (NYSE:CVX) paced a group of 22 blue-chip decliners -- giving back 1.4% each -- and Merck & Co., Inc. (NYSE:MRK) was flat. Week-over-week, the Dow gained 1.8%.
The
S&P 500 Index (SPX - 2,126.64) mounted an eleventh-hour comeback to close on a 2.4-point, or 0.1%, win -- bringing its weekly lead to 2.4%. The
Nasdaq Composite (COMP - 5,210.14) bested its peers, jumping roughly 47 points, or 0.9%, and tagging a record peak of 5,210.16. Week-over-week, the COMP surged 4.3%.
The
CBOE Volatility Index (VIX - 11.95) slid 0.2 point, or 1.3%, for its lowest close since Dec. 5. On a weekly basis, the market's "fear gauge" surrendered 29%.
5 Items on Our Radar Today:
- During a surprise end-of-week press conference, Tesla Motors Inc (NASDAQ:TSLA) CEO Elon Musk revealed upgrades to the company's Model S electric sedan. Among the changes generating the most buzz is the car's new "Ludicrous Mode," which -- for a charge of $10,000 -- will equip the Model S with an engine that allows it to go from 0 to 60 miles per hour in less than three seconds. (Bloomberg Business)
- Housing starts jumped more than expected in June, while the consumer price index rose 0.3%, in line with estimates. However, the Thomson Reuters/University of Michigan consumer sentiment index pulled back more sharply than anticipated in July. (MarketWatch)
- Three big-name companies stepping up to the earnings plate on Monday.
- Thursday's IPOs were major successes -- and, for the most part, that trend continued today.
- One group that may have been burned by Baidu, Inc's (ADR) (NASDAQ:BIDU) bounce.
Commodities:
Crude slipped slightly today, amid data showing energy firms cut back on oil rigs for the first week in three. At the close, August-dated crude was down 2 cents to land at $50.89 per barrel. On a weekly basis, liquid gold plunged 3.5%.
Gold took a tumble after China released data on its gold reserves for the first time in six years, showing the nation has stashed away almost 1.7 metric tons of the malleable metal. In addition, increased expectations for a 2015 rate hike weighed on gold. By day's end, gold for August delivery dropped $12, or 1%, to settle at $1,131.90 per ounce -- its seventh consecutive daily loss, and the lowest close in over five years. Week-over-week, gold shed 2.2% -- the fourth straight week in which it's retreated.