Dow, SPX Notch Wins As Nasdaq Succeeds In Rally Attempt

The Dow and S&P 500 closed out the week higher, thanks to names tied directly to the reopening economy and bank stocks. Coupled with yesterday's win, both indexes locked in modest weekly gains, and are heading into the end of March with upbeat inflation data and word that the Federal Reserve will allow banks to resume buybacks and raise dividends by the end of June. Meanwhile, the Nasdaq's earlier comeback attempt deemed successful, though the tech-laden benchmark still closed the week lower, amid rising interest rates and valuation concerns. Lastly, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), nabbed is lowest close since February 2020.

The Dow Jones Industrial Average (DJI - 33,072.88) rose 453.4 points today, or 1.4% for the day, and 1.4% for the week. Intel (INTC) topped the massive list of Dow winners with a 4.6% rise, while Goldman Sachs (GS) fell 1% to pace the three laggards.

Meanwhile, the S&P 500 Index (SPX - 3,974.54added 65 points, or 1.7% for the day, and 1.6% for the week. The Nasdaq Composite (IXIC - 13,138.72gained 161.1 points, or 1.2% for the day, but fell 0.6% on the week.

Lastly, the Cboe Volatility Index (VIX - 18.86) fell 1 point, or 4.8%, on the day, and 10% for the week.

Closing Summary 0326

nyse nasdaq 0326


Oil Logs Third-Straight Weekly Loss

After plunging yesterday, oil prices roared back to life as the blockage at the Suez Canal continues to put pressure on supply. The container ship that's currently blocking trading routes could be lodged in place for weeks, but that wasn't enough to save black gold from locking in its third-straight weekly loss. In response, May-dated crude added $2.41, or 4.1%, to settle at $60.97 per barrel on the day, but lost around 0.8% for the week.

Gold prices also reversed yesterday's losses but were unable to shake off the stronger dollar and surging U.S. Treasury yields. The result is gold's first weekly loss in three weeks. April-dated gold gained $7.20, or 0.4%, to settle at $1,732.30 an ounce, but shed 0.5% for the week.

Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

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