Stocks certainly stuck the landing this week. The Dow added 353 points, gaining strength after Pakistan's Prime Minister Shehbaz Sharif said that a “final, agreed upon text” of a deal was reached between the U.S. and Iran. The S&P 500 and Nasdaq also finished modestly higher, with the SpaceX (SPCX) IPO providing a boost to tech stocks. All three major indexes secured weekly wins, while the Cboe Volatility Index (VIX) turned in its worst week since April 10.
Commodities Continue Extensive Pullback
Oil prices continued their trek lower today, buoyed by the prospects of a peace deal. July-dated West Texas Intermediate (WTI) shed 3.2% to close at $84.88 per barrel, and earlier hit their lowest level since March. For the week, black gold lost roughly 7%.
Gold delved further into bear market territory, logging their lowest close of the year. August-dated gold futures settled 2% lower at $4,046.20 per ounce earlier today before rebounding, last seen down 0.2% at $4,225.73. For the week, the safe-haven asset shed 2.9%.
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