The Dow logged another dark day, finishing 453 points lower and etching its worst weekly performance since Liberation Day-induced lows from last April. Investor sentiment took a hit at home and abroad today; investors struggled with a wider-than-expected fall in payrolls data for February, while President Trump refused to negotiate with Iran, accepting only an "unconditional surrender."
Oil prices are another pain point, with black gold surging above $90 to its largest weekly gain on record dating back to 1983. The Nasdaq and S&P 500 also logged weekly losses, the latter's worst week since October. Amid the growing stagflation fears, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) logged both its best week and highest close since April.
Oil Adds 35% In Just One Week
Crude surged to above the round $90 mark today, logging a 35% weekly gain, a record-breaking performance. April-dated West Texas Intermediate (WTI) crude surged 12.2% or $9.89, to settle at $90.90 per barrel for the day.
Gold prices inched higher following today's hotter-than-expected jobs data, which reignited rate-cut hopes. A cooling U.S. dollar also encouraged sentiment. April-dated gold futures added 1.6% to settle at $5,158.70 an ounce. For the week, the safe-haven asset logged its first weekly loss in five.
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