After trading below breakeven earlier in the day, the Dow reversed course by the afternoon to grab another record close. The S&P 500 settled in the red for the day, snapping a seven-day win streak in the process. A decline in tech shares, thanks to a number of disappointing earnings reports, resulted in a triple-digit loss for the Nasdaq.
Intel (INTC), in particular, plummeted after posting a weaker-than-expected sales report. On the other hand, Tesla (TSLA) notched another record high, while Netflix (NFLX) and Microsoft (MSFT) also landed fresh peaks. Despite the volatility, all three indexes notched their third-straight weekly win. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), bounced back today after logging its lowest close of 2021 yesterday.
The Dow Jones Average (DJI - 35,677.02) added 73.9 points or 0.2% for the day. American Express (AXP) paced the gainers with a 5.4% pop, while INTC fell to the bottom, shedding 11.7%. For the week, the Dow added 1.1%.
The S&P 500 Index (SPX - 4,544.90) lost 4.9 points or 0.1% for the day, but gained 1.6% for the week, while the Nasdaq Composite (IXIC - 15,090.20) lost 125.5 points or 0.8% for the day, but added 1.3% for the week.
Lastly, the Cboe Volatility Index (VIX - 15.43) added 0.4 points or 2.8% for the day but shed 5.3% for the week.
OIL PRICES LOG LONGEST WEEKLY WIN STREAK ON RECORD
Oil prices bounced back from yesterday's dip, while also logging their ninth-consecutive weekly win, marking the commodity's longest weekly win streak on record. The most active December-dated crude contract added $1.26, or 1.5%, to settle at $83.76 a barrel, and added 2.5% for the week.
Gold prices rose on Friday, though comments from Federal Reserve Chairman Jerome Powell concerning the upcoming tapering of bond purchases put some weight on the commodity later in the day. December-dated gold tacked on $14.40, or 0.8%, to settle at $1,796.3 an ounce for the day, and added 1.6% for the week.
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