Stocks Rally to End First Week of June
The Nasdaq hit a new record high
Stocks rallied to round out the week, thanks to an uplifting jobs report which shed light on the 2.5 million jobs that were added last month -- the largest gain on record. That report did much to fuel hopes of the beginning of economic recovery in the wake of the coronavirus pandemic. Of the three major indexes, the tech-heavy Nasdaq was the one most investors had their eyes on, as it became the first to climb back to a fresh record high. Meanwhile, the Dow managed to tack on 829 points, marking a fifth straight win, while the S&P 500 also closed remarkably higher. All three indexes posted notable weekly gains as well.
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Gap stock runs volatile after reporting earnings.This pharmaceutical stock is flat despite promising COVID-19 vaccine news.Plus, DOCU rushed with bull notes; ZUMZ stumbles after earnings; and Ciena saw its rally continue.The Dow Jones Industrial Average (DJI - 27,110.98) added 829.2 points, or 3.2% for the day. For a third straight day Boeing (BA) was in the lead, tacking 11.5%, while Walmart (WMT) was the biggest loser and dropped 0.5%, for the day. For the week, the Dow added 6.8%.
The S&P 500 Index (SPX - 3,193.93) added 81.6 points, or 2.6%, and the Nasdaq Composite (IXIC - 9,814.08) tacked on 198.3 points, or 2.1%. For the week, the indexes added 5% and 3.4% points, respectively.
Meanwhile, the Cboe Volatility Index (VIX - 24.52) fell 1.3 points, or 5% lower for the day, and 10.9% for the week.
5 Items on Our Radar Today
As lockdowns ease, some countries are experiencing "upticks" in coronavirus cases, according to the World Health Organization (WHO). The U.S. is considered one of the pandemic's epicenters. (Reuters)New data showed an overall decline in unemployment; however, black workers saw a rise in unemployment as white workers experienced a decline of nearly 2%. (CNBC)DocuSign stock received a horde of bull notes after earnings. Post-earnings praise did little to lift this apparel retailer. Ciena stock resumed its rally.
Data courtesy of Trade-Alert
Gold on Track for Largest Weekly Fall in Months
Oil prices rose to closeout the week, after a decision was made between The Organization of the Petroleum Exporting Countries and others (OPEC+) to hold a videoconference Saturday morning regarding production cuts. As a result, July-dated oil gained $2.14, or 6%, to settle at $39.55 per barrel for the day, and 11.4% for the week.
Conversely, gold dipped today, as better-than-expected U.S. jobs data boosted hopes for a global economic rebound, reducing demand for safe havens. Gold for August delivery lost $44.40, or 2.6%, to settle at $1,683 per ounce for the day, and down nearly 4% on the week.