The Dow finished the week strong with a 448-point gain to secure a record close on Friday. The Nasdaq and S&P 500 jumped to record closes as well, with all three indexes securing their third-straight weekly wins. The 10-year Treasury yield rebounded today, too, as yesterday's shaky reopening sentiment appears to have been pushed to the wayside. However, investors are keeping a cautious eye on tightened Covid-19 restrictions in several countries as the delta variant continues to surge. Meanwhile, U.S. wholesale inventories climbed a better-than-expected 1.3% in May as demand picked up.
The Dow Jones Average (DJI - 34,870.16) added 448.2 points, or 1.3% for the day, and 0.2% for the week. Of the 30 Dow components, Goldman Sachs (GS) saw the biggest jump, adding 3.6%, while Salesforce.com (CRM) fell to the bottom, shedding 0.3%.
Meanwhile, the S&P 500 Index (SPX - 4,369.55) gained 48.7 points, or 1.1% on the day, and the Nasdaq Composite (IXIC - 14,701.92) tacked on 142.1 points, or 1%, for the day. Both indexes gained 0.4% for the week.
Lastly, the Cboe Volatility Index (VIX - 16.18) lost 2.8 points, or 14.8% for the day, and 7.4% for the week.
GOLD, OIL SETTLE WEEK ON A HIGH NOTE
Oil prices closed higher for the second-straight day, thanks to the drop in U.S. oil and gas inventories. August-dated crude rose $1.62, or 2.2%, to close at $74.56 a barrel. For the week, however, the unresolved tension amidst the Organization for Petroleum Exporting Countries (OPEC) still weighed on the commodity, and prices fell 0.8%.
Gold futures rose today, as anxieties toward economic reopening still lingered despite the broad-market rebound, keeping investors close to the safe haven. August-dated gold added $10.40, or 0.6%, to settle at $1,810.60 an ounce for the day, and gained 1.5% for the week for its third-straight weekly gain, marking its biggest one-week jump in seven weeks.
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