The Dow Jones Industrial Average closed at 34,870.16 on Friday with a gain of 448.23 points or 1.30%. The S&P 500 closed at 4,369.55 for a gain of 48.73 points or 1.13%. The Nasdaq Composite closed at 14,701.92 for a gain of 142.13 points or 0.98%. The VIX Volatility Index was lower at 16.18 for a loss of 2.82 points or -14.84%.
For the week, the Nasdaq gained approximately 0.40%, the S&P 500 gained 0.39% and the Dow Jones had a return of 0.23%. For the year, the S&P 500 has a gain of 16.3%, the Nasdaq is up 14.1% and the Dow Jones has a return of 13.80%.
Friday’s market movers
U.S. stocks ended with gains Friday after a selloff Thursday. Despite a little more caution on economic growth, all three of the major indexes reported new record closing highs.
Investors were looking ahead to the start of the second-quarter earnings season next week. Estimates are suggesting a strong increase in the corporate earnings data for the quarter. For corporate businesses, President Joe Biden also announced plans for an executive order to limit some of the dominance in big tech. Biden’s order includes 72 actions and recommendations with a focus on competition and operational transparency oversights.
FAANG stocks showed the following returns Friday:
- Facebook (FB, Financial) rose 1.38%.
- Apple (AAPL, Financial) gained 1.31%.
- Netflix (NFLX, Financial) increased 0.98%.
- Alphabet (GOOGL) swelled 0.38%.
- Alphabet (GOOG, Financial) was up 0.31%.
- Amazon (AMZN, Financial) fell 0.32%.
In other news:
- Several countries took steps to tighten Covid restrictions as the virus continues to be a global threat. Japan has said that the Olympics will happen later this month with emergency precautions in effect.
- The Chinese central bank says it will reduce reserve requirements for banks in an effort to help the economy.
- Wholesale inventories increased 1.3% in May following an increase of 1.1%.
- The Baker Hughes weekly oil rig count showed an increase of four rigs in the U.S., an increase of one rig in Canada and an increase of eight rigs internationally.
Across the board:
- Square (SQ, Financial) gained 2.54% with hardware bitcoin wallet plans.
- Pfizer (PFE, Financial) up 0.92% on plans for Covid booster shot.
- Uluru (ULUR, Financial) climbed 157.09%.
- Stamps.com (STMP, Financial) gained 63.98% on news it is being acquired by software investment firm Thomas Bravo.
- Financial Select Sector SPDR Fund (XLF, Financial) rose 2.89%.
- The 10-year treasury note ended with a yield of 1.361%.
Small-cap stocks
In small caps, the Russell 2000 closed at 2,280.00 for a gain of 48.33 points or 2.17%. The S&P 600 closed at 1,359.58 for a gain of 35.18 points or 2.66%. The Dow Jones U.S. Small-Cap Growth Index closed at 15,254.86 for a gain of 261.81 points or 1.75%. The Dow Jones U.S. Small-Cap Value Index closed at 11,203.01 for a gain of 317.80 points or 2.92%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,706.42 for a gain of 57.99 points or 2.19%; the S&P 100 at 2,005.92 for a gain of 18.95 points or 0.95%; the Nasdaq 100 at 14,826.09 for a gain of 103.96 points or 0.71%; the Russell 3000 at 2,604.49 for a gain of 32.14 points or 1.25%; the Russell 1000 at 2,457.65 for a gain of 28.79 points or 1.19%; the Wilshire 5000 at 45,607.35 for a gain of 563.38 points or 1.25%; and the Dow Jones U.S. Select Dividend Index at 837.21 for a gain of 15.24 points or 1.85%.
