This was the Dow's fourth straight triple-digit gain and longest win streak since January
The Dow scored a 264-point win today to close out a perfect week, with its five-day winning streak marking the longest January. This was the blue-chip index's fourth-straight triple-digit gain, as weak jobs data fueled speculation that a Fed rate cut is imminent. Meanwhile, President Donald Trump earlier tweeted that "there is a good chance" the U.S. and Mexico can make a deal before tariffs go into effect on Monday. All three benchmarks logged their best week of 2019.
Continue reading for more on today's market, including:
- Call buyers blasted this stock amid FAANG rumors.
- Checking in on this red-hot gold ETF.
- Plus, another penny stock pot partnership; a tech stock with a formidable ceiling; and options activity on Dow outperformers.
The Dow Jones Industrial Average (DJI - 25,984.14) added 263.5 points, or 1%, in today's trading. Microsoft (MSFT) led the 27 winners with a 2.8% gain, while JPMorgan Chase (JPM) paced the two losers with a 1.1% drop. Goldman Sachs (GS) broke even. For the week, the Dow gained 4.7%.
The S&P 500 Index (SPX - 2,873.34) gained 29.9 points, or 1.1%, while the Nasdaq Composite (IXIC - 7,742.10) climbed 126.6 points, or 1.7%. For the week, the S&P added 4.4%, while the Nasdaq added 3.9%.
The Cboe Volatility Index (VIX - 16.30) added 0.4 point, or 2.3%, today. For the week, it gave back 12.7%.
5 Items on our Radar Today
- FedEx Express is cutting some ties with Amazon.com (AMZN). The shipping company announced today that FedEx Express won't renew its U.S. domestic contract with Amazon, and will instead focus on the "broader e-commerce market." (MarketWatch)
- Social media giant Facebook (FB) will no longer allow the pre-installation of its apps on Huawei's phones. The move adds to the struggles of the Chinese tech giant, in the wake of the U.S. ban. (Reuters)
- Options bulls flocked to this penny stock after a pot deal.
- This tech stock is approaching a historically grim ceiling.
- These Dow outperformers saw frenzied short-term trading today.
Data courtesy of Trade-Alert
Oil, Gold Log Impressive Weekly Gains
Black gold posted solid gains today, with July-dated oil futures gaining $1.40, or 2.7%, to end at $53.99 per barrel. For the week, oil gained 0.9% on hopes for a resolution between the U.S. and Mexico over tariffs. Today, traders also cheered comments from a Saudi energy minister, who said the Organization of the Petroleum Exporting Countries (OPEC) should extend production cuts.
Gold made it eight straight today, as more subpar economic data undercut the dollar. August-delivered gold rose $3.40, or 0.3%, to settle at $1,346.10 an ounce. For the week, gold gained 2.7%, its largest weekly gain since March 2018.