Dow Pares Gains But Grabs Another Weekly Win
The Dow and Nasdaq notched their best weekly win streaks since 2017
The Dow and its index peers gave back most or all of their early gains from this morning's nonfarm payrolls report, though the blue-chip index and the Nasdaq extended their weekly win streaks to six -- the best for each since late 2017. On top of the strong jobs data and a solid manufacturing report, traders also digested a downbeat update on consumer sentiment and a poorly received earnings release out of Amazon.com (AMZN). Meanwhile, ahead of a Feb. 15 deadline for a government funding bill, President Donald Trump said "there's a good chance" his administration will declare a national emergency in order to build a border wall.
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2 hot weed stocks that saw heavy call volume. Shutterfly saw its price target cut before earnings.Plus, a footwear stock soars after earnings;Intuit could be set to surge; and could the nightmare be over for Snap?The Dow Jones Industrial Average (DJI - 25,063.89) ended up 64.2 points, or 0.3%, to grab its highest close since Dec. 3. Seventeen of the 30 Dow components ended higher, led by a 3.8% gain from Visa (V), while the 13 losers were paced by Walmart's (WMT) 2.1% pullback. For the week, the index added 1.3%.
The S&P 500 Index (SPX - 2,706.53) pulled out a 2.4-point, or 0.1%, win, and the Nasdaq Composite (IXIC - 7,263.87) gave back 17.9 points, or 0.3%. The indexes closed the week with respective gains of 1.6% and 1.4%.
The Cboe Volatility Index (VIX - 16.14) closed down 0.4 point, or 2.6%, ending the week down 7.4%. It was the sixth straight weekly loss for the VIX.
5 Items on our Radar Today
Taiwan-based technology manufacturing company Foxconn today said it would go forward with previous plans for building a plant in Wisconsin. Earlier this week the company said it wasn't sure it would follow through with the plans, but the company said it will go through with the project following conversations today with the White House -- though it's unclear if Foxconn's factory will still produce the 13,000 jobs originally promised. (Reuters).Sony (SNE) stock today sold off after earnings, and the poor results are reigniting discussions on whether the major video game companies are facing a transition period. A number of popular gaming publications are anticipating Sony will announce the release of a PlayStation 5 this year. Microsoft already confirmed it's working on a new video game platform, and rumors have been swirling of a video game streaming service out of Apple. (USA Today)Analyst says the "nightmare" is over for Snap.The footwear stock that soared after earnings. Why Intuit shares could have a big February.
Data courtesy of Trade-Alert
Oil and Gold Grab Weekly Wins
Oil prices rose once again today, thanks to another drop in the active oil-rig count, bringing their weekly gain to almost 3%. March-dated crude futures finished the session up $1.47, or 2.7%, at $55.26 per barrel.
Gold prices gave back some of this week's gains, following strong data on jobs and manufacturing. Gold dated for April delivery fell by $3.10, or 0.2%, to $1,322.10 per ounce. This puts the precious metal's weekly advance at 1.9%.