Stocks pivoted higher on Friday, as traders snapped out of the pessimism that assailed Wall Street for the first six months of the year. The Dow added 321 points, while the S&P 500 and tech-heavy Nasdaq also broke into the black to nab notable gains of their own, even amid lackluster manufacturing activity data for June. Despite today's rally, all three benchmarks still logged weekly losses.
A batch of corporate profit warnings from big names including General Motors (GM) has investors on high alert heading into the holiday weekend, though. Nevertheless, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), saw its lowest close since June 9.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 31,097.26) added 321.8 points, or 1.1% for the day, but shed 1.3% for the week. McDonald's (MCD) led the gainers, adding 2.5%. Intel (INTC) paced the laggards with a 2.9% drop.
The S&P 500 Index (SPX - 3,825.33) gained 40 points, or 1.1% for the day, but lost 2.2% for the week. Meanwhile, the Nasdaq Composite (IXIC - 11,127.85) rose 99.1 points, or 0.9% for the session, but fell 4.2% for the week.
Lastly, the Cboe Market Volatility Index (VIX - 26.70) lost 2 points, or 7% for the day, and 1.9% for the week.
Oil futures settled higher on Friday, closing out the week with a modest 0.8% win. The commodity is still enjoying tailwinds from a pandemic-led supply crunch, made worse by the Russia-Ukraine war, though recession fears are keeping a lid on gains. For the day, August-dated crude added $2.67, or 2.5%, to settle at $108.43 per barrel.
Gold prices were lower, on the other hand, despite erasing a big chunk of the losses that had the precious metal slipping below the psychologically significant $1,800 level. A drop in the 10-year Treasury yield and the manufacturing data helped prices partially bounce back. August-dated gold fell $5.80, or 0.3%, to close at $1,801.50 an ounce, and shed 1.6% this week.
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