U.S. Stocks Finish Volatile Week on a High Note
The Dow Jones, S&P 500 and Nasdaq Composite wrapped up the week on a higher note.
The Dow and broader U.S. stock market rose sharply on Friday, buoyed by another quarter of solid earnings from tech juggernaut Apple.
Wall Street’s major indices were higher at the close, with the Dow Jones Industrial Average (DIA) rising 565.42 points, or 1.7%, to 34,726.20.
The broad S&P 500 Index (SPY) of large-cap stocks rose 2.4% to settle at 4,432.00. Most sectors finished in positive territory.
Meanwhile, the technology-focused Nasdaq Composite Index (QQQ) gained 3.1% to settle at 13770.57.
A measure of implied volatility known as the CBOE VIX (VXX) declined on Friday. The so-called “investor fear index” reached an intraday low of 28.03 on a scale of 1-100, where 20 represents the historical average. It would eventually settle down 8.2% at 27.99.
In commodities, oil prices rose on Friday, as U.S. West Texas Intermediate gained 44 cents, or 0.5%, to $87.05 a barrel on the New York Mercantile Exchange. Brent, the international futures contract, rose $1.06, or 1.2%, to $90.40 a barrel.
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In precious metals, gold prices declined, as the April futures contract fell $5.40, or 0.3%, to $1,789.60 a troy ounce on the Comex division of the New York Mercantile Exchange. Silver futures declined 28 cents, or 1.2%, to trade at $22.40 a troy ounce.
The Final Word: In economic data, U.S. personal incomes from all sources rose 0.3% in December, which was below forecasts. Personal spending declined 0.6% during the same month, which was in line with expectations.