Investors managed to scrub up nicely for the last trading day of a tumultuous week, the Dow climbing over 500 points and the Nasdaq jumping triple digits as well. Healthcare and cryptocurrency names were the driving force behind most of the outperformance, as traders look for stability after an early-week surge in Treasury yields.
Today's pop wasn't enough to erase the steep weekly losses for the indexes, however, with the S&P 500 and Nasdaq each marking a drop of over 1%. The Russell 2000 Index (RUT), despite finishing back above 3,000 today, turned in its worst weekly performance since June 5.
Gold, Crude Post Healthy Weekly Wins
Crude prices stabilized after Iran's president Masoud Pezeshkian expressed eagerness for the war to end when Iran is “in a position of power and dignity,”. September-dated West Texas Intermediate (WTI) oil added 23 cents to settle at $87.06 per barrel on the day and up more than 5% for the week.
Gold futures tapped a three-month high as the U.S. dollar softened. The most-active December-dated gold added 2.4% to settle at $4,680.60 for the day and logged its third-straight weekly win, adding roughly 5%.
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