The Dow added almost 400 points Friday
After a muted midday performance, Wall Street closed the week in style despite a stronger-than-expected jobs report that sent Treasury yields surging. The Dow pared early-morning losses to add 288 points. However, it wasn't enough to stop the blue-chip index from logging its third-straight weekly loss.
The Nasdaq also marked a triple-digit win --it's best since July 29 -- for a second consecutive week of gains. The S&P 500 logged its best single-session digit gain since Aug. 29 to snap a four-week losing streak and close above the key 4,300 level.
- Hotel stock boasts an tantalizing entry point.
- Eye drug update brings bull notes for pharma stock.
- Plus, FDA allegations; two sectors to watch this month; and next week's news.
5 Things to Know Today
- Leaders of the European Union (EU) met today to discuss the complexity of the bloc's laws and the impact of potentially letting Ukraine finally join. (CNBC)
- The United Auto Workers (UAW) agreed to pause expansion of its strike following a "transformative win" at General Motors (GM), per union President Shawn Fain. (MarketWatch)
- Medical tech firm in hot water with the FDA.
- Keep an eye on these sectors this month.
- Inflation data isn't the only data coming up next week.
Demand Worries Push Oil Prices Lower This Week
Oil futures notched a modest gain Friday, but shed 8.8% for the week amid an increase in gasoline inventories. For the session, crude for November delivery added 48 cents, or 0.6%, to settle at $82.79 per barrel.
Gold prices snapped a nine-day losing streak today, but were pressured lower this week by U.S. jobs data and interest rate fears. December-dated gold gained $13.40, or 0.7%, to close at $1,845.20 an ounce on the day, but lost 1.5% over the last five days.