The Dow Jones Industrial Average closed at 35,515.38 on Friday with a gain of 15.53 points or 0.04%. The S&P 500 closed at 4,468.00 for a gain of 7.17 points or 0.16%. The Nasdaq Composite closed at 14,822.90 for a gain of 6.64 points or 0.04%. The VIX Volatility Index was lower at 15.45 for a loss of 0.14 points or -0.90%.
For the week, the Dow Jones gained 0.9%, the S&P 500 gained 0.7% and the Nasdaq Composite was down 0.1%. For the year, the S&P 500 is up 19%, the Dow Jones is up 16% and the Nasdaq has a gain of 15%.
Friday’s market movers
The Dow Jones and S&P 500 closed with another day of record highs Friday. Investors continued to be optimistic about economic data and earnings. However, this week’s data also showed the Consumer Price Index up 5.4% year over year and the Producer Price Index up 7.8% year over year.
Sector funds leading gains for the day included the Consumer Staples Select Sector SPDR Fund (XLP, Financial) with a gain of 0.83% and the Utilities Select Sector SPDR Fund (XLU, Financial) with a gain of 0.70%. The Global X Cannabis ETF (POTX) was down 1.79% for the day.
In other news:
- U.S. export prices increased 1.3% in July and 17.2% year over year.
- U.S. import prices increased 0.3% in July and 10.2% year over year.
- The University of Michigan's Consumer Sentiment Index decreased to 70.2 in August from 81.2.
- The Baker Hughes weekly oil rig count showed an increase of nine rigs in the U.S., an increase of eight rigs in Canada and a decrease of seven rigs internationally.
- Freddie Mac’s weekly mortgage market survey showed mortgage rates slightly increasing this week. The 30-year fixed-rate mortgage averaged 2.87%, up from 2.77%. The 15-year fixed-rate mortgage averaged 2.15%, up from 2.10%.
- The Senate passed a $3.5 trillion infrastructure budget plan this week that is still being debated in the House of Representatives.
- New Covid cases were up 76% from two weeks ago. The Food and Drug Administration approved a booster shot from Pfizer (PFE, Financial) or Moderna (MRNA, Financial) for some Americans with weak immune systems.
Across the board:
- Biolase (BIOL, Financial) increased 25.06%.
- Pilgrim's Pride Corp. (PPC, Financial) climbed 20.83%.
- eBay Inc. (EBAY, Financial) rose 7.45%.
- Rocket (RKT, Financial) shares gained 10.25% after its earnings report.
- Disney (DIS, Financial) shares gained 1% after reporting better-than-expected earnings.
- Adidas (ADDYY, Financial) was up 2.1% after announcing a deal to sell its Reebok division.
- The 10-year Treasury ended with a yield of 1.283%.
Small-cap stocks
In small caps, the Russell 2000 closed at 2,223.11 for a loss of 20.96 points or -0.93%. The S&P 600 closed at 1,349.91 for a loss of 9.49 points or -0.70%. The Dow Jones U.S. Small-Cap Growth Index closed at 14,886.52 for a loss of 118.89 points or -0.79%. The Dow Jones U.S. Small-Cap Value Index closed at 11,176.59 for a loss of 60.26 points or -0.54%
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,731.46 for a loss of 6.02 points or -0.22%; the S&P 100 at 2,049.53 for a gain of 4.12 points or 0.20%; the Nasdaq 100 at 15,136.68 for a gain of 47.70 points or 0.32%; the Russell 3000 at 2,648.30 for a gain of 1.26 points or 0.047%; the Russell 1000 at 2,506.26 for a gain of 2.87 points or 0.11%; the Wilshire 5000 at 46,429.13 for a gain of 24.96 points or 0.054%; and the Dow Jones U.S. Select Dividend Index at 852.08 for a gain of 0.35 points or 0.041%.
