Stocks skyrocketed today, powered by this morning's jobs report and a planned meeting between U.S. and North Korean leaders. The Dow finished over 400 points higher, while the S&P 500 secured a win of its own. It was the Nasdaq that stole the show, however, as the tech-rich index rode a strong day from FAANG stocks to a record high and a sixth straight daily win -- its longest winning streak since early January. All three benchmarks locked in big weekly wins as well. Amidst all the optimism, the Cboe Volatility Index -- Wall Street's "fear gauge" -- suffered a sixth straight drop, marking its longest losing streak in six months.
Continue reading for more on today's market, including:
- The tech signal flashing for the first time in two years.
- This FAANG stock locked up a sixth straight win today.
- Bears piled on this slumping Apple supplier .
- Plus, how the Obamas boosted Netflix; a Stitch Fix earnings preview; and all about options assignment.
The Dow Jones Industrial Average (DJI - 25,335.74) finished up 440.5 points, or 1.8%. It gained 3.3% for the week. Today saw 29 Dow components close in positive territory, led by Chevron ( CVX ) with a 3.4% gain. Verizon ( VZ ) stock broke even.
The S&P 500 Index (SPX -2,786.57) gained 47.6 points, or 1.7%, and added 3.5% for the week. The Nasdaq Composite (IXIC - 7,560.81) gained 132.9 points, or 1.8%, for its sixth straight win. It also scored a weekly win of 4.2%.
The Cboe Volatility Index (VIX - 14.64) finished 1.9 points, or 11.5%, lower for its sixth straight losing session. It shed 25.3% for the week.
5 Items on Our Radar Today
- Ahead of an April 5 proxy fight with Broadcom ( AVGO ), Qualcomm ( QCOM ) discontinued the role of its executive chairman . Meanwhile, in an open letter to Congress, Broadcom said it won't "sell any critical national security assets to foreign companies" if the QCOM purchase is approved. ( Reuters )
- Bitcoin continued its freefall today, as the controversial cryptocurrency fell below $9,000. It shed roughly 20% for the week, and continues to face pressure from regulatory agencies. ( MarketWatch )
- How Obama buzz sent Netflix stock to record highs.
- This retail stock could make big moves next week.
- The ABCs of options assignment .
Data courtesy of Trade-Alert
Jobs Data Lifts Oil, Gold To Weekly Wins
April-dated crude futures jumped $1.92, or 3.2%, to end at $62.04 per barrel, snapping a two-day losing streak thanks to strong jobs data, easing geopolitical concerns, and broad-market tailwinds. For the week, oil gained 1.3%, emboldened by a decline in the Baker Hughes rig count in the U.S -- the first drop in seven weeks.
Gold futures for April delivery gained $2.30, or 0.2%, to close at $1,324 an ounce, as subpar wage growth in the U.S. weighed on the dollar. For the week, the metal gained 0.05%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.