Fed-Focused Week Ends With Losses

The major indexes finished the day mixed. The Dow rose 137 points, the S&P 500 closed just below fair value, and the tech-heavy Nasdaq sank triple digits as investors looked ahead toward rising interest rates. Weighed down by the Federal Reserve's aggressive policy plan this week, all three major indexes turned in weekly losses, while Wall Street's "fear gauge," the Cboe Market Volatility Index (VIX), snapped its four-week losing streak. Meanwhile, the market is gearing up for earnings season, which kicks off next week with reports from several big bank names

The Dow Jones Average (DJI - 34,721.12) added 137.6 points or 0.4% for the day. Home Depot (HD) led the gainers with a 2.8% rise, while Boeing (BA) dropped to the bottom of the index with a 1.6% loss. The index lost 0.3% of the week.

The S&P 500 Index (SPX - 4,488.28) lost 11.9 points, or 0.3%, for the day, and 1.3% for the week. Meanwhile, the Nasdaq Composite (IXIC - 13,711.00) dropped 186.3 points, or 1.3% in today's session, and fell 3.8% for the week.

Lastly, the Cboe Market Volatility Index (VIX - 21.16) lost 0.4 point, or 1.8% for the day, but added 7.8% for the week.

Summary 0408

NYSE Nasdaq 0408

There were no earnings of note today.

UVOL 0408

Oil Snags 2nd Weekly Loss

Oil prices moved higher for the day but still finished with their second-straight week of losses, as the release of crude reserves weighed on prices this week. May-dated West Texas Intermediate (WTI) crude rose $2.23, or 2.3%, to close at $98.26 a barrel today, and lost 1% on the week. 

Gold prices rose despite rising Treasury yields. June-dated gold climbed $7.80, or 0.4%, to close at $1,945.60 an ounce, adding 1.1% for the week.  

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.