The Dow ended the week on a high note, following a strong nonfarm payrolls report
The Dow snagged a 337-point win today, following a strong U.S. jobs report. Data showed 266,000 jobs were added in November, exceeding economists' expectations. Several stocks boosted the blue-chip index, too, including Goldman Sachs (GS), which rallied 3.4% on a strong day for financials. More broadly, a booming energy sector helped the S&P 500 erase its weekly loss, while the Nasdaq climbed as FAANG stocks tallied big gains.
Continue reading for more on today's market, including:.
- Options bears roll the dice as MGM Resorts stock flirts with new highs.
- Why Needham is buying this stock ahead of the 2020 election.
- Plus, pre-earnings bears eye SFIXk; a penny stock keeps climbing; and caution flags for one stock.
The Dow Jones Industrial Average (DJI - 28,015.06) added 337.3 points, or 1.2%, but lost 0.1% for the week. Twenty-seven of the 30 blue chips ended higher with 3M (MMM) in the lead on a 4.2% pop, while Walgreens Boots Alliance (WBA) sunk to the bottom of the index on a 0.8% drop.
The S&P 500 Index (SPX - 3,145.91) added 28.5 points, or 0.9%, with a 0.1% weekly win, and the Nasdaq Composite (IXIC - 8,656.53) added 85.8 points, or 1%, but lost 0.1% for the week.
The Cboe Volatility Index (VIX - 13.66) gave back 0.9 point, or 6.2%, but added 7.9% for the week.
5 Items on Our Radar Today
- The Center for Disease Control and Prevention (CDC) has now pinpointed several THC vaping brands that were most commonly used among those who developed a potentially fatal lung disease. While the agency asserted it's not very likely that one brand alone was responsible for the vaping-related outbreak, the Dank Vapes product was used most often among patients. (CNBC)
- Uber (UBER) revealed that it received over 3,000 reports of sexual assault in 2018. House Transportation and Infrastructure Chair Peter DeFazio, a Democrat from Oregon, praised the ride-sharing concern for its honesty, but reiterated the need to "establish formal policies, training and reporting structures" in order to prevent assault from happening. (Reuters)
- What options bears are predicting for SFIX stock before earnings.
- The penny stock that just won't quit climbing.
- 2 reasons to be cautious on CHWY stock.
Oil Clocks Best Week Since June on OPEC Decision
Oil prices surged today, following an announcement from the Organization of the Petroleum Exporting Countries (OPEC) and its allies that it would deepen oil production cuts to 500,000 barrels per day, effective in the first quarter of next year. January-dated crude futures added 77 cents, or 1.3%, to settle at $59.20 per barrel, with a 7.3% pop for the week -- the commodity's biggest weekly win since June.
Gold prices ended a wild week in the red, as investors turned back to stocks on strong U.S. jobs data. February gold futures were $18, or 1.2%, lower, to settle at $1,465.10 per ounce, with a 0.5% loss for the week.