Stocks closed mixed on Friday, as investors unpacked this morning's soft inflation data. The Dow and S&P 500 managed to eke out gains by the close, though they still finished the week lower. The Nasdaq suffered its fourth day in the red, securing its fifth-straight weekly drop and longest weekly losing streak since May 2022. The Cboe Volatility Index (VIX), on the other hand, notched its fifth-straight weekly win, its longest weekly win streak since March 2020.
Gold Rises for 8th Week in 10
Oil prices pared losses on Friday, as a potential conflict between the U.S. and Iran appeared less likely, and Reuters reported that Organization of the Petroleum Exporting Countries (OPEC) is weighing an increase to oil production. March-dated West Texas Intermediate (WTI) crude added five cents, or 0.08%, to settle at $62.89 a barrel. For the week, the commodity shed 1.2%.
Gold prices settled higher, amid renewed hopes of an interest rate cut following weaker-than-expected inflation data. April-dated gold futures rose 2% to settle at $5,050.80 per ounce. For the week, gold added 1.4%, securing its eighth weekly win in the last 10.
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