All three major equity indexes notched weekly wins
The Dow moved higher in today's trading, thanks to a surge out of International Business Machines (IBM). The S&P also finished modestly higher, as traders were essentially undeterred by today's weaker-than-expected nonfarm payrolls report and escalating trade tensions between the U.S. and China. The Nasdaq spent the day waffling around breakeven, however, but ultimately eked out a fourth straight win.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,462.58) gained 136.4 points, or 0.5%. All but three blue chips closed the day higher, led by IBM, which picked up 3.3%. Boeing (BA) paced the decliners with a 0.4% drop. The Dow finished the week up 0.05%.
The S&P 500 Index (SPX - 2,840.35) rose 13.1 points, or 0.5%, while the Nasdaq Composite (IXIC - 7,812.02) picked up 9.3 points, or 0.1%. For the week, the indexes finished 0.8% and 0.9% higher, respectively.
The Cboe Volatility Index (VIX - 11.64) lost 0.6 point, or 4.5%, for the day, and fell 10.7% for the week.
5 Items on our Radar Today
- Cryptocurrency powerhouse bitcoin has been in a downward spiral during the past six sessions, and one report suggests its recent blunder comes from the $400 million force-liquidation of bitcoin futures by Hong Kong exchange OKEx. (MarketWatch)
- In light of the release of the latest nonfarm payrolls report, trucking companies are reporting a massive worker shortage. Per the American Trucking Associations, truck freight brought in $676 billion in revenue last year, but capturing new and female employees has been a challenge. (CNBC)
- Healthcare stock that just flashed a "sell" signal before earnings.
- Rallying Cree stock earned a rare "buy" rating.
- New price targets were set after a GoPro earnings beat.
Data courtesy of Trade-Alert
Oil, Gold Extend Weekly Losing Streaks
Concerns about global oversupply and waning Chinese demand weighed on oil. September-dated crude fell 47 cents, or 0.7%, to close the session at $68.49 per barrel. For the week, oil shed 0.3% -- its fifth straight weekly loss.
Gold managed to finish the day higher on the back of an easing dollar. December-dated futures settled up $3.10, or 0.3%, to close at $1,223.20 per ounce. The metal did, however, suffer a fourth straight weekly loss, dropping 0.8%.