The Dow added 654 points today
Wall Street rallied in a big way Friday. The Dow added 654 points to secure a fourth-straight weekly win, with help from 3M's (MMM) 23% pop. The S&P 500 and Nasdaq, meanwhile, logged their second consecutive week of losses despite solid daily wins, as the tech sector failed to recover from this week's selloff. The main force behind today's positive price action was the Fed's preferred inflation gauge, the PCE price index, which came in line with estimates and bolstered hopes of a rate cut in the near term.
Continue reading for more on today's market, including:
5 Things to Know Today
- How the Treasury market moved after today's inflation numbers. (CNBC)
- Will a slowdown in China's economy pressure commodities? (MarketWatch)
- Boston Beer stock brushes off quarterly whiff.
- Breaking down Coursera stock's best ever day.
- Why options traders love this blue-chip stock.
Gold Futures Fall for 2nd-Straight Week
Futures on black gold closed the day lower, extending a weekly loss spurred on by expectations of a ceasefire in Gaza. September-dated West Texas crude lost $1.05, or 1.3%, to settle at $77.23 a barrel for the day and 1.8% for the week.
Gold futures closed Friday higher, but nabbed their second consecutive weekly loss after investors dropped risk assets at a record-setting rate. For the session, August-dated gold futures added $27.50 or 1.2%, to settle at $2,381 per ounce, but shed 0.8% on the week.