Stock Market Today: Dow Gets a Lift From Boeing, Energy Stocks
The Dow managed a win on strength in Boeing, but the S&P 500 and Nasdaq weren't so resilient.
It was a relatively quiet end to a volatile week on Wall Street, with the Dow Jones Industrial Average (+0.4% at 34,207) managing a modest gain via a bounce in the energy sector.
"With global transportation demand set to recover sequentially, the upcoming new Iran nuclear deal could be the next bump in the recovery path for oil prices," says Francisco Blanch, head of global commodities, equity derivatives and cross-asset quantitative investment strategies at BofA-Merrill Lynch Global Research.
Indeed, while U.S. crude futures ended with a weekly loss (-2.7%) amid signs of progress on the Iran nuclear deal front, bargain hunters swooped in to boost black gold (+2.7% at $63.58 per barrel) to a daily win.
The S&P 500 Index and Nasdaq Composite weren't so resilient, though, erasing early gains to end down 0.1% at 4,155 and 0.5% to 13,470, respectively.
Other action in the stock market today:
- The small-cap Russell 2000 improved by 0.3% to 2,215.
- Deere & Co (DE, +1.3%) gained ground after a strong earnings report. The farm equipment maker reported higher-than-expected profit and revenues in its fiscal second quarter, but warned of supply chain shortages through the remainder of 2021.
- Boeing (BA, +3.2%) climbed after Reuters reported the company is planning on ramping up production of its 737 Max aircraft by late 2022. BA was the best Dow stock today.
- Gold futures slipped 0.3% to end at $1,876.70 an ounce.
- The CBOE Volatility Index (VIX) retreated by 2.5% to 20.15.
- Bitcoin slumped 10.4% to $36,279.07. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
The Pros' Picks for Cheap Stocks
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