Financial stocks tipped the scales in the bulls' favor
After trading on both sides of the coin throughout the day, the Dow ultimately closed modestly higher. The blue-chip index was powered by upbeat economic data, as well as a rally in financial stocks, which helped to offset reports of more personnel changes in the Trump administration. The S&P and Nasdaq were also able to finish in the black today -- albeit barely -- with the former snapping a four-day losing streak. However, all three benchmarks suffered weekly losses.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 24,946.51) finished up 72.9 points, or 0.3%. It gave back 1.5% for the week. Today saw 21 Dow components close in positive territory, led by Walmart (WMT) with a 1.9% gain. Nike (NKE) was the worst performer, shedding 0.7%.
The S&P 500 Index (SPX - 2,752.01) added 4.7 points, or 0.2%. It finished 1.2% lower for the week. The Nasdaq Composite (IXIC - 7,481.99) eked out a win of 0.3 point. It shed 1% for the week.
The Cboe Volatility Index (VIX - 15.80) finished 0.8 point, or 4.8%, lower. It gained 7.9% for the week.
5 Items on Our Radar Today
- According to The Wall Street Journal, the federal investigation into Wells Fargo (WFC) has been expanded to include wealth management employees. The FBI began investigating the banking giant in 2016 for questionable sales practices. (CNBC)
- The European Commission took the first steps toward responding to President Trump's tariffs today, calling for a list of U.S. products as candidates to receive import tariffs. The European Union has vocally wished to be exempted from the steel and aluminum tariffs, much like Canada and Mexico. (Reuters)
- The cloud stock that skyrocketed in its trading debut.
- Adobe stock touched record highs after an earnings beat.
- 2 blockchain stocks that made huge moves today.
Data courtesy of Trade-Alert
Oil Reverses Higher, Gold Sinks to Two-Week Low
April-dated crude futures rose $1.15, or 1.9%, to end at $62.34 per barrel, unexpectedly spiking higher around midday. The oil contract gained 0.5% for the week, erasing what was going to be a weekly loss, as Middle East tensions mount fueled concerns about supply.
Gold futures for April delivery gave back $5.50, or 0.4%, to close at $1,312.30 an ounce, a new two-week low. It shed 0.9% for the week, the largest weekly drop in nearly a month. A stronger dollar put pressure on gold, while mounting geopolitical turmoil put a cap on losses.