Stocks reversed their losses in the final hour of trading
Though hotter-than-expected jobs data threw the market for a loop this morning, investors seemed to shake off concerns by the end of the day. The Dow erased its midday losses to finish 34 points higher, while the S&P 500 and Nasdaq pared steeper deficits to finish marginally lower. For the week, all three major benchmarks closed with solid gains. Meanwhile, despite all the early-morning hand wringing, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), closed at its lowest level since April.
Continue reading for more on today's market, including:
- Why bulls should avoid this retail stock in December.
- Options traders cheered the Alzheimer's drug news today.
- Plus, PYPL at risk of bear notes; BTU has room to run; and a solar stock in focus.
The Dow Jones Industrial Average (DJI - 34,429.88) added 34.9 points, or 0.1% for the day, and 0.2% for the week. Nike (NKE) paced the gainers with a 1.3% win, while Salesforce.com (CRM) finished at the bottom of the list for the second day, losing 1.7%.
The S&P 500 Index (SPX - 4,071.70) dipped 4.9 points, or 0.1% for the day, but added 1.1% for the week. Meanwhile, the Nasdaq Composite Index (IXIC - 11,461.50) shed 21 points, or 0.2% for today's session, and tacked on 2.1% for the week.
Lastly, the Cboe Volatility Index (VIX - 19.06) lost 0.8 point, or 3.9% for the day, and 7% for the week.
5 Things to Know Today
- An update on the highly-watched potential rail strike: U.S. President Joe Biden has signed a bill making a rail strike illegal. (CNBC)
- 5 things to know about the upcoming Team USA game in the round of 16 of the World Cup soccer tournament. (MarketWatch)
- Plenty of optimism left to unwind for underperforming PayPal stock.
- Energy name flashing historically bullish signal.
- Options bears targeting solar stock over the past couple weeks.
Gold, Oil Rise for the Week
Oil prices settled lower today, amid news that the European Union (EU) agreed to put a $60 price cap on Russian oil, as investors look ahead to Sunday's Organization of the Petroleum Exporting Countries (OPEC+) meeting. West Texas Intermediate (WTI) crude for January delivery fell $1.24, or 1.5%, to settle at $79.98 a barrel for the day, though the front-month contract still added 4.9% for the week.
Gold futures dipped today following yesterday's surge, after jobs data strengthened the U.S. dollar. February-dated gold fell $5.60, or 0.3%, to settle at $1,809.60 an ounce for the day, though the commodity still jumped 3.2% for the week.