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By Staff Reporters
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Despite a recent rally, stocks couldn’t climb out of the deep hole they dug themselves earlier in the month, and all three major indexes finished August in the red.
Cannabis companies were the clear winner following news that the Department of Health and Human Services recommended that green pot should be reclassified as a lower-risk substance.
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And, Anthony Fauci MD has said that there is “not going to be the tsunami of cases that we’ve seen” during the darkest days of the COVID-19 pandemic, following the emergence of two new variants of the virus. Speaking to the BBC, the former chief medical advisor to the president, who was regularly the face of the government’s response to the pandemic, played down the seriousness of the new strains, stressing that the vast majority of the population had enough immunity to prevent infections requiring medical intervention.
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Markets: The Dow wrapped up its best week since July as investors celebrated another rock-solid jobs report. The economy added 187,000 jobs in August, and the unemployment rate rose to 3.8% from 3.5%—signs that the labor market is cooling, but not so fast that it’s likely to spark a recession.
Here is where the major benchmarks ended:
- The S&P 500 Index was up 8.11 points (0.2%) at 4,515.77; the Dow Jones Industrial Average (DJIA) was up 115.80 points (0.3%) at 34,837.71, up 1.4% for the week; the NASDAQ Composite (COMP) was down 3.15 points at 14,031.81, up 3.2% for the week.
- The 10-year Treasury note yield (TNX) was up about 7 basis points at 4.177%.
- CBOE’s Volatility Index (VIX) was down 0.49 at 13.08.
Financial companies were among the strongest performers Friday, with the KBW Regional Banking Index (KRX) gaining about 2.5% to a three-week high.
Energy shares were also strong as WTI crude oil futures extended gains after the Energy Information Administration earlier this week reported a larger-than-expected drop in U.S. inventories. Crude futures surged nearly 3% to ended near $86 a barrel, the highest since mid-November. Consumer staples and consumer discretionary were among the weakest performers.
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Filed under: Breaking News, Drugs and Pharma, Ethics, Experts Invited, Financial Planning, iMBA, Inc., Investing | Tagged: Anthony Fauci, cannabis, CBOE, covid, Covid-19, crude futures, crude oil, DJIA, DOW, EIA, Fauci MD, KRX, markets, pandemic, regional banks, S&P 500, stock markets, TNX, VIX | Leave a comment »
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