The Nasdaq and S&P 500 notched weekly wins as well
Stocks closed out the week with a bang today. The Dow extended its rally into the afternoon hours to add 823 points, while the S&P 500 and Nasdaq settled comfortably in the black as well, as all three major indexes snapped three-week losing streaks. For the Dow, this was only its sixth positive week this year. Fueling today's surge was a drop in the University of Michigan's (UM) 12-month consumer inflation expectations, which the Federal Reserve watches closely.
Travel stocks enjoyed tailwinds today, while the financial sector popped after the Fed's annual “stress test” revealed the nation's largest banks have enough capital to endure a recession. Also making headlines is the U.S. Supreme Court's ruling in overturning Roe vs. Wade, the nation's federal regulation that had permitted abortions for nearly 50 years.
Continue reading for more on today's market, including:
- Analysts hit Blackberry stock with flurry of bear notes.
- Bausch Health stock rallied after these board changes.
- Plus, which steel stock could keep sinking; Zendesk to go private; and upgrade boosts chip stock.
The Dow Jones Average (DJI - 31,500.68) added 823.3 points, or 2.7% for the day, and 5.4% for the week. Salesforce (CRM) led the gainers, adding 7.4%. Verizon Communications (VZ), meanwhile, paced the laggards with a 2.2% drop.
The S&P 500 Index (SPX - 3,911.74) rose 116 points, or 3.1% for the day, and 6.5% for the week. Meanwhile, the Nasdaq Composite (IXIC - 11,607.62) gained 375.4 points, or 3.3% for the session, and 7.5% for the week.
Lastly, the Cboe Market Volatility Index (VIX - 27.23) shed 1.8 points, or 6.3% for the day, and 12.4% for the week.
5 Things to Know Today
- Walt Disney (DIS) told employees it will help pay for pregnancy-related care if they have to travel to other states after the Supreme Court overturned Roe v. Wade. (CNBC)
- The U.S. House of Representatives passed significant gun-safety legislation for the first time in 30 years, with U.S. President Joe Biden expected to sign it into law. (MarketWatch)
- This steel stock could continue to fall amid unwinding optimism.
- Zendesk will be taken private through a $10.2 billion buyout deal.
- Goldman Sachs says this chip stock boasts an attractive entry point.
Gold, Oil See Weekly Losses Despite Daily Gains
Oil prices broke out of their rut on Friday, finishing higher after two consecutive losses that came as investors fretted over demand concerns and the potential for a recession. For the day, August-dated crude added $3.35, or 3.2%, to settle at $107.62 per barrel. Black oil still posted a second-straight weekly loss of 0.3%, though.
Gold prices settled higher as well, but saw a weekly loss of 0.6%. Investors are eyeing the Federal Reserve, and whether or not it will implement even more aggressive interest rate hikes in July. Nonetheless, August-dated gold added 50 cents, or less than 0.1%, to close at $1,830.30 an ounce.