Stocks Finish Higher on Amazon Buffett Boost, Jobs Data
The unemployment rate fell to a 49-year low
All three stock market indexes managed big wins today, thanks to better-than-expected April jobs data. Specifically, the U.S. created 263,000 jobs last month, while the unemployment rate fell to a 49-year low of 3.6%. In addition, the Nasdaq got a boost from Amazon (AMZN), on news that Warren Buffett's Berkshire Hathaway is amassing a stake. Against this backdrop, the S&P and Nasdaq managed to claw their way to weekly gains, though the Dow wasn't so lucky.
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Lyft stock was blasted by analysts ahead of earnings. History says this chip stock is a"buy."Plus, an "undervalued" biotech; one tech stock's worst week in years; and 2 stocks flying on earnings.The Dow Jones Industrial Average (DJI - 26,504.74) tacked on 197 points, or 0.8%, in today's trading. A whopping 27 of the 30 Dow stocks finished higher, with Caterpillar (CAT) leading the pack after surging 2.9%. Cisco Systems (CSCO) finished flat, while Home Depot (HD) and UnitedHealth Group (UNH) were the lone decliners, giving up 0.2% apiece. The Dow was down 0.1% for the week.
The S&P 500 Index (SPX - 2,945.64) rose 28.1 points, or 1%. The Nasdaq Composite (IXIC - 8,164.00) ended 127.2 points, or 1.6%, higher. Both indexes added 0.2% for the week.
The Cboe Volatility Index (VIX - 12.87) was 1.5 points, or 10.8%, lower, with a 1.1% gain for the week.
5 Items on our Radar Today
People are not having Paramount Pictures' reimagined Sonic the Hedgehog, whose new look was just unveiled in a trailer for a new film. Fans took to Twitter and Reddit with their criticisms of the Sega-created video game character. Director Jeff Fowler said in a message on Thursday that the feedback had been received, and that plans for a redesign are in the works. (CNBC)Thirty western allies met in Prague today, to agree to a list of 5G security guidelines. The set of proposals emphasized the limit of outside influences, especially Chinese telecom equipment manufacturers such as Huawei. (Reuters)This pharma stock is being called an "undervalued growth story" by analysts. An earnings miss had this tech stock eyeing its worst week in years. 2 stocks that won big after earnings.
Data courtesy of Trade-Alert
Weaker Dollar Lifts Gold
Oil inched higher today, as a strong jobs report bolstered demand expectations. June-dated crude futures tacked on 13 cents, or 0.2% to end at $61.94 per barrel. Black gold was down 2.2% for the week, however.
Gold futures pared yesterday's losses, as the dollar fell on better-than-expected jobs data. Gold for June delivery rose $9.30, or 0.7%, to land at $1,281.30 per ounce. The commodity ended the week 0.6% in the red.