S&P Takes Back 2,900 as Stocks Rally
The Dow closed more than 269 points higher
U.S. stocks closed comfortably in the black following a strong start to first-quarter earnings season. The Dow jumped 269 points on the back of impressive results from bank giant JPMorgan Chase (JPM), while Walt Disney (DIS) had its best day since May 2009 thanks to Disney+ details. The S&P 500 and Nasdaq surged, as well, with the former settling above the 2,900 mark for the first time since Oct. 4. Although the Dow was unable to scrape its way into positive territory for the week, both the S&P and Nasdaq managed a third straight weekly win.
Continue reading for more on today's market, including:
Goldman Sachs is selling this energy stock. Signal says to buy calls on this cloud name.Plus, the ins and outs of a long straddle; a pre-earnings look at Goldman Sacks; and 2 oil stocks in the news.The Dow Jones Industrial Average (DJI - 26,412.30) gained 269.3 points, or 1%. Walt Disneyled the 24 blue-chip gainers and added an enormous 11.5%. UnitedHealth (UNH) was the biggest loser for the second day in a row, and lost 5.2%. For the week, the Dow slipped 0.05%.
The S&P 500 Index (SPX - 2,907.41) added 19.1 points, or 0.7%, while the Nasdaq Composite (IXIC - 7,984.16) tacked on 36.8 points, or 0.5%. Respectively, the indexes added 0.5% and 0.6% for the week.
The Cboe Volatility Index (VIX - 12.01) shed 1.01 points, or 7.8%. For the week, the VIX surrendered 6.3%.
5 Items on our Radar Today
Analyst Pierre Ferragu at New Street Research downgraded Apple (AAPL) to "sell" from "neutral" earlier, saying the "air pocket we anticipated for 2019 is real, and numbers suggest the iPhone first-hand installed base is now ex-growth." This marks the tech giant's second bear note this week. (MarketWatch)SpaceX successfully launched the first revenue-generating flight of its Falcon Heavy rocket -- built using three of the firm's Falcon 9 rockets. This is the second launch for the Falcon Heavy, but the first time all three rocket boosters were landed. The event took place at NASA's Kennedy Space Center in Florida. (CNBC) The ins and outs of a long straddle. Taking a quick look at Goldman Sachs ahead of earnings. 2 oil stocks that made news today.
Data courtesy of Trade-Alert
Oil Nabs Longest Week Win Streak Since 2016
Oil closed higher, buoyed by geopolitical tensions in Venezuela and Libya and Chevron's (CVX) big M&A announcement. May-dated crude futures rose 31 cents, or 0.5%, to close at $63.89 per barrel. For the week, oil added 1.3% -- its sixth straight weekly win, the lengthiest streak since early 2016.
A weakening greenback boosted gold futures in today's trading. June-dated gold closed up $1.90, or 2%, at $1,295.20 per ounce. On the week, the precious metal lost 40 cents.