Stocks Close Out Perfect Week With Record Highs
Wall Street's "fear gauge" logged its lowest close in over a month
The Dow eked out a wintoday and capped off a perfect week with a fresh record high. As it's done all week, upbeat economic data and corporate earnings fueled today's gains, with oil stock Schlumberger (SLB) the most recent example of the latter. The S&P 500 and Nasdaq both finished higher as well, and all three benchmarks secured solid weekly wins. As U.S. equities soared, Wall Street's "fear gauge," the VIX, logged its lowest close in over a month.
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This red-hot e-sports stock isn't done climbing. InVitae stock just flashed a "sell" signal.Plus, sale rumors swirling for TWOU; a bear note for TWTR; and Gap ditches spin-off.The Dow Jones Industrial Average (DJI - 29,348.10) gained 50.5 points, or 0.2%. Visa (V) led the 18 winners with a 1.9% win, while Boeing (BA) paced the 12 laggards with a 2.4% drop. For the week, the Dow gained 1.8%.
The S&P 500 Index (SPX - 3,329.62) added 12.8 points, or 0.4%,while the Nasdaq Composite (IXIC - 9,388.94) finished 31.8 points, or 0.3%, higher. The S&P 500 finished with a 2% weekly win, while the Nasdaq added 2.3%.
The Cboe Volatility Index (VIX - 12.10) lost 0.2 point, or 1.8%. For the week, it shed 3.7%.
5 Items on Our Radar Today
Automaker Toyota Motor is shifting its pickup production from San Antonio, Texas, to Mexico. No U.S. jobs will be lost in the process, with the new factory opening in 2022. The move is part of the company's $13 billion restructuring plan. (CNBC)Homebuilding in the U.S. roared to a 13-year high last month. Housing starts jumped 16.9% in December to a seasonally adjusted rate of 1.608 million units, topping expectations and suggesting the housing market is humming along. (Reuters)Options traders blasted 2U stock amid sale rumors.One analyst pumped the brakes on Twitter stock.Abandoning an Old Navy spin-off didn't help Gap stock today.
Data courtesy of Trade-Alert
Weekly Loss for Oil; Weekly Gain for Gold
Oil finished marginally lower today, as global demand concerns arose amid China's latest lackluster economic data. February-dated crude futures lost two cents to end at $58.54 per barrel. For the week, black gold gave back almost 0.9%.
Gold prices rebounded today, but upside was held in check as U.S. equities continued their surge.February gold futures added $9.80, or 0.6%, to end at $1,560.30 an ounce. For the week, gold posted a marginal gain of 20 cents.