The Dow Jones Industrial Average (DJIA) enjoyed a triple-digit gain today, as Wall Street's attention shifted from the recent political drama to corporate earnings. Strong quarterly results from Deere gave stocks an early jolt, and provided a big lift to Dow component Caterpillar stock . Rising oil prices also added to the bullish backdrop, ahead of next week's Organization of the Petroleum Exporting Countries ( OPEC ) meeting. As such, energy stocks led the S&P 500 Index ( SPX ) higher, and the tech-heavy Nasdaq Composite (COMP) also moved into the black. The Dow still closed the week in the red, as today's gains weren't enough to overcome Wednesday's huge sell-off .
Continue reading for more on today's market, including:
- Why this cybersecurity stock continues to sink.
- Analysts are "warming up" to Valeant stock .
- This retail stock could crush bears next week.
- Plus, the cloud stock that exploded today; the bull case for Microsoft; and Weight Watchers does it again.
The Dow Jones Industrial Average (DJIA - 20,804.84) rose 141.8 points, or 0.7%, to close back above its 50-day moving average. Twenty-six of 30 Dow components closed above breakeven. Aside from Caterpillar's 2.2% gain, GE had a big day, adding 2.1%. Cisco Systems, meanwhile, underperformed again, losing 0.5%. The Dow closed the week down 0.4%.
The S&P 500 Index (SPX - 2,381.73) added 16 points, or 0.7%, and the Nasdaq Composite (COMP - 6,083.70) picked up 28.6 points, or 0.5%. The indexes finished the week with respective losses of 0.4% and 0.6%.
The CBOE Volatility Index (VIX - 12.04) shed 2.6 points, or 17.8%. Still, the "fear gauge" added 15.8% for the week.
5 Items on Our Radar Today:
- Ride-hailing company Uber has launched Uber Freight , as the private firm tries to enter the trucking business. The app is for truck drivers looking to connect with shipping companies. ( USA Today )
- Amazon is preparing to bring its checkout-free grocery stores -- Amazon Go -- to Europe. Potential slogans for the business were just trademarked in the U.K. (Bloomberg)
- Analysts were rushing to raise their outlooks on this booming cloud stock .
- Why it might be time to buy Microsoft call options .
- Inside another huge day for Weight Watchers stock .
Data courtesy of Trade-Alert
Oil prices continued their recent rally today, as traders prepare for next week's OPEC meeting. June-dated crude futures finished up 98 cents, or 2%, at $50.33 per barrel -- the highest close in roughly a month. Oil added 5.2% for the week.
Despite the stock rally, gold prices also rose today. June-dated gold futures closed with an 80-cent, or 0.06%, win to land at $1,253.60 per ounce. This brings gold's weekly gain to 2.1%.