Major Indexes Log Weekly Losses Despite Strong Finish

The major benchmarks extended their gains on Friday to close out the session with solid wins, though for the week all three registered substantial losses. The Dow added more than 360 points, with tech stocks and reopening plays leading the way higher. The S&P 500 and Nasdaq registered strong gains as well, though the latter stands out as this week's underperformer, logging its biggest one-week drop in over two months. Meanwhile, the Cboe Volatility Index (VIX) -- Wall Street's fear gauge -- fell for the day, but still managed to score is best week since late February.

In other news, advance retail sales data showed consumer purchases slowed down in April. A generally upbeat earnings season seemed to overshadow the disappointing data, though, as investors bought the dip on stocks in hopes that the bull market could run further still.

The Dow Jones Average (DJI - 34,382.13) rose 360.7 points, or 1.1% for the day, and fell 1.1% for the week. Goldman Sachs (GS) led the Dow components with a 2.8% rise, while Walt Disney (DIS) paced the laggards, falling 2.6%.

Meanwhile, the S&P 500 Index (SPX - 4,173.85added 61.4 points, or 1.5% for the day, and dropped 1.4% for the week. The Nasdaq Composite (IXIC - 13,429.98jumped 305 points, or 2.3% for the day, and lost 2.3% on the week.

Lastly, the Cboe Volatility Index (VIX - 18.81) lost 4.3 points, or 18.7% for the day, but added 12.7% for the week.

closing endex summary may 14

myse and nasdaq may 14

earnings may 14

uvol may 14


Oil prices were higher on Friday after Colonial Pipeline reopened its 5,500-mile pipeline, which supplies 45% of the gas the U.S. East Coast needs. Prior to that, a ransomware attack that resulted in shutdowns also triggered bouts of panic-buying and gas station closures across the Southeast. In response, June-dated crude rose $1.55, or 2.4%, to settle at $65.37 per barrel for the day. For the week, the commodity registered a 0.7% gain.

1 2
View single page >> |
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.