Stocks finished today's session with a win, though they snapped a five-week winning streak as investors continue to fret over hot inflation readings. In addition, consumer sentiment dropped to a 10-year low in November, while data revealed a greater number of people quit their jobs in September. Brushing off the anxieties, the Dow walked away with a nearly 180-point pop, while the S&P 500 and Nasdaq also finished well in the black. Despite the weekly losses, the major benchmarks remain within a chip-shot of their recent record highs.
The Dow Jones Average (DJI - 36,100.31) rose 179.1 points or 0.5% for the day. 3M (MMM) led the list of Dow winners, adding 1.9%, while Walt Disney (DIS) shed 1.5% to pace the laggards. The blue-chip index lost 0.6% this week.
The S&P 500 Index (SPX - 4,682.85) added 33.6 points, or 0.7% for the day, while the Nasdaq Composite (IXIC - 15,860.96) gained 156.7 points, or 1% for the day. The indexes lost 0.3% and 0.7%, respectively, this week.
Lastly, the CBOE Market Volatility Index (VIX - 16.29) shed 1.4 point or 7.8% for the day and 1.2% on the week.
GOLD PRICES SECURE BEST WEEK SINCE JUNE
Wiping out gains from yesterday's session, oil prices tumbled to close out the week. Black gold was pressured by worries that the U.S. central bank will hike interest rates sooner than expected in an effort to combat rising inflation. In response, December-dated crude fell 80 cents, or 1% to settle at $80.79 a barrel for the day, and 0.6% on the week.
Gold prices, meanwhile, closed the day higher, locking in their best weekly performance since June. Bullion's appeal has been heightened of late, as the precious metal is typically used as an inflation hedge. December-dated gold added $4.60 or, 0.3%, to settle at $1,868.50 on the day -- its seventh-straight gain -- and 2.9% for the week.
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