The major indexes closed out the first week of November at record levels, with investor sentiment boosted by a better-than-expected October jobs report. Pfizer (PFE) gave an update regarding its Covid-19 pill, which further fueled hope for a smooth economic reopening. In response, the Dow added over 200 points, nabbing its seventh-straight positive day and another intraday high to pair with a record close. In addition, the S&P 500 locked in its seventh-straight win and the Nasdaq landed its 10th. All three indexes locked in a fourth-straight weekly win, the Dow's longest such streak since February 2019.
The Dow Jones Average (DJI - 36,327.95) gained 203.7 points or 0.6% for the day, and 1.4% this week. Boeing (BA) paced the winners with a 5.4% win, while Merck (MRK) plunged 9.9% to round out the list of laggards.
The S&P 500 Index (SPX - 4,697.53) added 17.5 points, or 0.4% for the day, while the Nasdaq Composite (IXIC - 15,971.59) tacked on 31.3 points, or 0.2% for the day. The indexes added 2% and 3.1%, respectively, this week.
Lastly, the Cboe Volatility Index (VIX - 16.48) added 1 point, or 6.7% for the day, and 1.2% this week.
OIL PRICES RISE AS OPEC+ REBUFFS OUTPUT PLEAS
Oil prices rose on Friday, after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) ignored U.S. pleas to raise supply. The organization will instead move forward with plans to gradually increase outputs. For the day, December-dated crude added $2.46 cents, or 3.1% to settle at $81.27 a barrel. Black gold shed 2.8% on the week.
Gold prices rose as well, following the release of better-than-expected monthly jobs data in U.S. As a result, December-dated gold rose $23.30 or, 1.3%, to settle at $1,816.80 on the day, it's highest close since September. Meanwhile, a particularly dovish tone from major central banks helped bullion secure a 1.8% rise for the week.
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