The Dow Jones Industrial Average closed at 34,326.26 on Friday with a gain of 482.54 points or 1.43%. The S&P 500 closed at 4,357.04 for a gain of 118.12 points or 0.82%. The Nasdaq Composite closed at 14,566.70 for a gain of 118.12 points or 0.82%. The VIX Volatility Index was lower at 21.15 for a loss of 1.99 points or -8.60%.
Friday’s Market Movers
U.S. stocks traded higher to start the month of October. Despite the day’s gains, the major indexes still ended with some big losses for the week, rounding out a down month of September. For the week, the Nasdaq had a loss of -3.2%, the S&P 500 had a loss of -2.2% and the Dow Jones ended the week with a loss of -1.4%.
On Friday, investors received the Personal Income and Outlays report, which shows income changes and the Fed’s key PCE Index for inflation. For August, personal income increased 0.2% and personal spending increased 0.8%. The PCE Price Index showed a monthly increase of 0.4%. Year over year, the PCE Price Index is up 4.3%, a bit higher than the previous month’s reading of 4.2%. The Core PCE Price Index increased 0.3% on a monthly basis and 3.6% year over year.
From the sector funds, the Energy Select Sector SPDR Fund (XLE, Financial) gained 3.36%, as energy prices have been soaring globally due to several energy shortages. Sector funds leading losses for the day included the iShares Biotechnology ETF (IBB, Financial) with a loss of -1.70% and the Global X Cannabis ETF (POTX, Financial) with a loss of -0.67%.
On the economic calendar:
- The September Markit Manufacturing PMI decreased to 60.7 from 61.1.
- The September ISM Manufacturing increased to 1 from 59.9. Separately, the ISM Manufacturing Prices Index increased to 81.2 from 79.4, the ISM Manufacturing New Orders Index was unchanged at 66.7, and the ISM Manufacturing Employment Index increased to 50.2 from 49.
- August Construction Spending had a 0% change following an increase of 0.3%.
- The Michigan Consumer Sentiment Index increased to 72.8 from 70.3.
- The weekly Baker Hughes oil rig count showed an increase of seven rigs in the U.S., an increase of three rigs in Canada and an increase of 10 rigs internationally.
Across the board:
- Trillion Energy International (TCF, Financial) +13.21%
- Marriott International (MAR, Financial) +5.32%
- Expedia Group (EXPE, Financial) +3.59%
- Booking Holdings (BKNG, Financial) +3.45%
- CF Industries Holdings (CF, Financial) +9.53%
- Merck (MRK, Financial) +8.37% with news of a pill that will decrease the risk of serious illness or death from Covid-19.
- The 10-year Treasury ended with a yield of 1.465%.
Small-Cap Stocks Friday
In small-caps, the Russell 2000 closed at 2,241.63 for a gain of 37.26 points or 1.69%. The S&P 600 closed at 1,357.37 for a gain of 25.68 points or 1.93%. The Dow Jones U.S. Small-Cap Growth Index closed at 14,899.28 for a gain of 201.10 points or 1.37%. The Dow Jones U.S. Small-Cap Value Index closed at 11,142.10 for a gain of 218.31 points or 2.00%.
Other Notable Indexes Friday
Other notable index closes included the S&P 400 Mid-Cap Index at 2,683.64 for a gain of 43.10 points or 1.63%; the S&P 100 at 2,001.87 for a gain of 24.37 points or 1.23%; the Nasdaq 100 at 14,791.87 for a gain of 102.25 points or 0.70%; the Russell 3000 at 2,589.83 for a gain of 30.11 points or 1.18%; the Russell 1000 at 2,445.72 for a gain of 27.57 points or 1.14%; the Wilshire 5000 at 45,398.44 for a gain of 522.02 points or 1.16%; and the Dow Jones US Select Dividend Index at 832.02 for a gain of 11.09 points or 1.35%.