The major indexes saw a shaky day of trading but eventually ended on a high note, with the Dow settling with a nearly 140-point pop, while the S&P 500 finished flat, and the Nasdaq brought in muted gains of its own. Worse-than-expected payrolls data kept a lid on additional gains today. Wall Street also fretted over an inversion in the 2-year and 10-year Treasury yields, which hasn't happened since 2019 and has been indicative of a possible recession in the past. Despite today's shaky trading, the Nasdaq and S&P 500 managed to log their third-straight weekly wins, though the Dow clocked a slight loss for the week.
The Dow Jones Average (DJI - 34,818.27) added 139.9 points or 0.4% for the day. Verizon (VZ) led the gainers with a 2.3% pop, while Intel (INTC) dropped to the bottom of the index with a 2.9% loss. The Dow lost 0.1% for the week.
The S&P 500 Index (SPX - 4,545.86) rose 15.5 points for the day, or 0.3%. It rose 0.1% for the week. Meanwhile, the Nasdaq Composite (IXIC - 14,261.50) added 41 points, or 0.3% in today's session. It rose 0.7% for the week.
Lastly, the Cboe Market Volatility Index (VIX - 19.63) lost 0.9 points or 4.5% for the day. It fell 5.7% for the week.
OIL LOGS WORST WEEK SINCE APRIL 2020
Yesterday's announcement that the U.S. will release oil from emergency reserves continued to weigh on oil prices, which dropped for the day, and logged their biggest weekly percentage drop since late April 2020. Oil dated for May delivery lost $1.01 or 1%, to settle at $99.27 per barrel, marking its lowest settlement since March 16. For the week, black gold lost nearly 13%.
Today's jobs data and rising Treasury yields put weight on gold prices today. The now most active, June-dated gold contract shed $30.30 or 1.6%, to close at $1,923.70 per ounce, and it lost 1.6% for the week.
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