All major indexes finished another record-breaking week on a high note. The Dow finally claimed its year-to-date break even level, jumping over 200 points in intraday trading and erasing its 2020 losses as Intel (INTC) and Walmart (WMT) led the way higher. Meanwhile, the S&P 500 is on track to capture its biggest August jump since 1986, and the Nasdaq finished with substantial gains thanks to a strong technology sector. For the week, all three benchmarks were up at least 2%, with the S&P 500 and Nasdaq scoring their fifth-straight weekly win.
Continue reading for more on today's market, including:
- Bull notes pushed Workday stock to a record high.
- These are 10 mistakes to avoid when trading options.
- Plus, a soda stock popped after a restructuring plan; Kellogg stock valued as compelling; and our latest podcast discusses why volatility is your best friend.
The Dow Jones Industrial Average (DJI - 28,653.87) gained 161.6 points, or 0.6% for the day, and 2.6% for the week. Coca-Cola (KO) finished with a 3.3% jump, pacing the 24 gainers. Walgreens Boots Alliance (WBA) paced the eight laggards with a 1.5% fall.
Meanwhile, the S&P 500 Index (SPX - 3,508.01) added 23.5 points, or 0.7% for the day, and up 3.3% for the week. The Nasdaq Composite (IXIC - 11,695.63) added 70.3 points, or 0.6% for today's session, and 3.4% for the week.
Lastly, the Cboe Volatility Index (VIX - 22.96) lost 1.5 point, or 6.2%, for the day. It added 1.8% for the week.
- The U.S. technology sector is now more valuable than the entire European stock market, though less than 15 years ago that market was four times larger. (CNBC)
- The Trump administration struck a multi-million dollar deal with Abbott Laboratories (ABT) to buy 150 million rapid coronavirus tests. (MarketWatch)
- Coca-Cola will soon offer 4,000 employees a voluntary leave package.
- An analyst said Kellogg stock has room to grow in the coming quarters.
- Our latest podcast episode brings you Tony Battista of Tastytrade.com.
Data courtesy of Trade-Alert
Oil Drops as Hurricane Laura Spares Oil Rigs
Oil futures finished the week higher for the fourth time in a row. However, prices settled lower on Friday after Hurricane Laura spared refineries in the Gulf of Mexico, with production at the heart of the U.S. oil-processing industry expected to rebound quickly. As a result, October-dated crude was down 7 cents, or 0.2%, to end at $42.97 a barrel for the day, and up 1.5% for the week.
Meanwhile, gold prices finished the day higher as investors processed the Federal Reserve's policy shift, which will allow employment and inflation to run hotter. Concerns revolving around the pandemic and the upcoming elections also contributed to the safe-haven asset's popularity. Gold for December, which is the most-active contract, added $42.30, or 2.2%, to settle at $1,974.90 an ounce. It finished the week with a 1.4% gain.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.