The Nasdaq and S&P 500 both fell for the week
Wall Street closed lower for the session, as investors await the Federal Reserve's next policy meeting. Despite tumbling nearly 300 points at the end of day, the Dow escaped with a meager weekly gain. Meanwhile, the Nasdaq and S&P 500 both walked away with losses on the week.
Continue reading for more on today's market, including:
- Going back over this week's choppy trading.
- A guide to buying debit spreads.
- Plus, steel stock's slide; Nasdaq's newest name; and FDX's bull note.
5 Things to Know Today
- In a speech from the White House concerning the United Auto Workers strike, U.S. President Joe Biden said that auto workers should be fairly compensated amid record profits. (CNBC)
- A former Wells Fargo (WFC) executive is looking at up to 16 months in prison for their part in the bank's fake-account scandal that resulted in billions in fines and massive layoffs. (MarketWatch)
- What's weighing on this steel stock.
- Nasdaq newbie lighting up the scene.
- Bull note fails to lift FedEx stock after earnings.
Oil Prices Rise Nearly 4% on the Week
Oil futures closed the week higher, marking another finish at their highest level since November. Crude for October delivery added 61 cents, or 0.7%, to settle at $90.77 per barrel for the day, and rose 3.7% for the week.
Gold prices eked out a gain Friday, settling 0.2% higher for the week. December-dated gold gained $13.40, or less than 0.7%, to settle at $1,946.20 an ounce for the day, as the dollar drops off.