It was a record-setting session on Wall Street, with the Dow Jones Industrial Average (DJIA) , S&P 500 Index ( SPX ) , and Nasdaq Composite (COMP) all carving out new highs. Tech stocks paved the path for the major market indexes, with shares of big-caps Microsoft and Apple leading the charge. This helped overshadow a relatively lackluster jobs report , as well as plunging oil prices . Against this backdrop, all three major U.S. benchmarks settled at their highest perch to date, and notched a second straight weekly win.
Continue reading for more on today's market, including:
- This red-hot drug stock could get iced in June.
- Baird took the high road on Apple stock ahead of WWDC.
- Zumiez and Boot Barn are the latest retail stocks to bite the dust.
- Plus, watch these tech stocks next week; Workday brushes off a bearish analyst note; and what you may have missed.
The Dow Jones Industrial Average (DJIA- 21,206.29) hit a record intraday high of 21,225.04, eventually settling up 62.1 points, or 0.3%. It was the Dow's first all-time high since March 1. Microsoft's 2.4% pop paced the 19 Dow advancers, while Exxon Mobil 's 1.6% loss brought up the rear. For the week, the Dow added 0.6%.
The S&P 500 Index (SPX - 2,439.07) nabbed an all-time intraday peak of 2,440.23, before closing with a 9-point, or 0.4%, gain. The Nasdaq Composite (COMP - 6,305.80) topped out at 6,308.76, before settling up 59 points, or 0.9%. On a weekly basis, the SPX and COMP rose 0.9% and 1.5%, respectively.
The CBOE Volatility Index (VIX - 9.75) fell as low as 9.58, but closed with a slimmer 0.1-point, or 1.4%, loss. The market's "fear gauge" gave back 0.6% on the week.
5 Items on Our Radar Today:
- Gymboree failed to make an interest payment on $171 million in bonds on Thursday. The children's retailer, which is reportedly in talks with two companies specializing in liquidations, is expected to file for bankruptcy in the next few weeks. ( MarketWatch )
- Special Counsel Robert Mueller has reportedly taken control of a grand jury investigation involving former national security adviser Michael Flynn , which will include potential ties to Turkey. This would mark an expansion into the probe over possible ties between the Trump campaign and Russia. (Reuters)
- Apple won't be the only tech stock in focus next week.
- Workday stock hit a new high, as strong earnings overshadowed negative analyst attention.
- Here's a rundown of the stock market news you may have missed.
Oil prices slid south of $48, as a 20th straight weekly rise in the U.S. rig count and President Trump's decision to walk away from the Paris climate accords fueled domestic supply concerns. By the close, July-dated crude futures fell 70 cents, or 1.5%, to close at $47.66 per barrel. Black gold fell roughly 4.3% for the week.
Gold rose today, as the dollar cooled in the wake of this morning's mixed jobs data. August-dated gold futures rose $10.10, or 0.8%, to settle at $1,280.20 an ounce -- the best close since April 21. Gold added 1% for the week.
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