Stocks Have Great Week as Nasdaq Extends Streak
All three indexes notched new record highs
Optimism continued to lead the way on Wall Street, after U.S. President Donald Trump tweeted that he had a "very good talk with President Xi of China concerning our giant Trade Deal." Strong consumer spending data for the third quarter likely also gave markets a boost, along with an unrevised reading for third-quarter GDP. The Dow grabbed a 78-point gain, while the S&P 500 snatched up its fourth straight weekly win. Meanwhile, the Nasdaq notched itsrunning win streak -- eight days -- since February, thanks to strength in the semiconductor space, as all three indexes hit new highs once again.
Continue reading for more on today's market, including:.
The buyout news blowing up 5F Networks' options pits. How this pharma stock just notched its sixth straight weekly win. Plus, Apple stock nabs another all-time high; BIIB stock gets boost on buyback news; and GM gets a bull note.The Dow Jones Industrial Average (DJI - 28,455.09) added 78.1 points, or 0.3%. Twenty-four of the 30 components ended higher. Verizon (VZ) took the lead on a 2.2% win, while Boeing (BA) sunk to the bottom after shedding 1.5%. For the week, the blue chip index added 1.1%.
The S&P 500 Index (SPX - 3,221.22) settled 15.9 points, or 0.5%, higher, with a 1.7% weekly gain, while the Nasdaq Composite (IXIC - 8,924.96) climbed 37.7 points, or 0.4% higher, and added tacked on 2.2% for the week.
The Cboe Volatility Index (VIX - 12.51) added 0.01 point, or 0.08%, with a near 1% weekly drop.
5 Items on Our Radar Today
Google parent Alphabet (GOOGL) announced that its new CEO Sundar Pichai will receive an annual salary of $2 million, no less than $120 million in time-based stock grants, and $90 million in performance-based stock grants. Pichai has served as Alphabet's CEO for nearly a month, after co-founders Larry Page and Sergey Brin resigned. (CNBC)Heavily scrutinized Boeing (BA) is once again in headlines after its new unmanned Starliner test capsule was unable to reach the International Space Station's orbit, according to NASA. The failed mission cut short the company's efforts to send humans to the station. (Reuters)Apple stock's impressive rally took it to new highs. 2 reasons Biogen stock surged today. The auto stock that RBC is betting on for 2020.
Oil, Gold Slip Ahead of Holiday Week
Oil slid today, but held its weekly gains and the $60 level. A huge increase in active U.S. drilling rigs for the week also shook the commodity. February-dated crude futures lost 74 cents, or 1.2%, to settle at $60.44 per barrel. For the week, oil rose 0.5%.
Gold prices also fell, as investors eyed stocks with optimism, turning their backs on the safe haven. February gold futures were down $3.50, or 0.2%, to end at $1,480.90 an ounce, but added 0.8% for the year.