Stocks extended their rebound on Friday to settle with both daily and weekly wins. The Dow added 382 points, logging its best week since late June. Meanwhile, the S&P 500 and the Nasdaq logged their biggest weekly wins since July and August, respectively. Upbeat quarterly results from Goldman Sachs (GS) added to the optimism surrounding the earnings season so far, with strong reports from a bevy of big bank names assuring investors that the economy is still booming.
A surprise pop in retail sales for September, as well Bitcoin's (BTC) jump across the $60,000 level also boosted sentiment. The Cboe Volatility Index (VIX), also known as Wall Street's "fear gauge," suffered its biggest weekly drop since September, and its fourth-straight daily loss.
Continue reading for more on today's market, including:
- A look at Alcoa stock after today's earnings beat.
- Moderna shares the latest update on its Covid-19 booster shot.
- Plus, 2 tech stocks to drop; why GOLD sank; and behind RIOT's climb.
The Dow Jones Average (DJI - 35,294.76) gained 382.2 points or 1.1% for the day. Goldman Sachs (GS) paced the gainers with a 3.8% pop, while Walgreens Boots Alliance (WBA) fell to the bottom, shedding 3.6%. For the week, the Dow tacked on 1.6%.
The S&P 500 Index (SPX - 4,471.37) added 33.1 points, or 0.8% for the day, and 1.8% for the week. The Nasdaq Composite (IXIC - 14,897.34) tacked on 73.9 points, or 0.5% for the day, and 2.2% for the week.
Lastly, the Cboe Volatility Index (VIX - 16.30) shed 0.6 point, or 3.3% for the day, and 13.2% for the week.
- A Gallup survey shows only four in 10 women are satisfied with the way they are treated, marking a new low since the survey began asking this question 20 years ago, with many speculating that the pandemic could be to blame. (MarketWatch)
- The latest sequel of "Halloween Kills" debuted in theaters and on Universal's streaming service Peacock at the same time, as day-and-date box office sales dwindle and piracy rates rise. (CNBC)
- Here are 2 tech stocks investors should avoid right now.
- What is weighing on Barrick Gold stock at the moment.
- This crypto-adjacent stock got a boost from Bitcoin's surge.
Gold Snaps Win Streak, Logs Best Week Since September
Oil prices kept climbing on Friday to settle at yet another seven-year high, thanks to natural gas shortages in Asia and Europe, which are likely to drive up demand for the commodity. In turn, November-dated crude rose 97 cents, or 1.2%, to settle at $82.28 a barrel. It rose nearly 4% for the week, marking its eight consecutive weekly rise.
Gold prices snapped their three-day win streak to settle lower, but still logged their biggest weekly win since September. Bitcoin's rise weighed on the yellow metal, with some speculating a short-term drop for gold, should investors continue to buy into the cryptocurrency. December-dated gold shed $29.60, or 1.7%, to settle at $1,768.30 an ounce for the day, but tacked on 0.6% for the week.
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