All three major benchmarks extended their weekly win streaks to four on Friday. Iran’s on Israel earlier in the week made for a volatile start to October, but a refreshing bout of nonfarm payrolls data gave stocks a boost today, with both the Dow and Nasdaq scoring triple-digit gains. The S&P 500 settled firmly higher as well as traders eyed crude’s multi-day surge.
OIL LOGS BLOCKBUSTER WEEKLY WIN
Tensions in the Middle East continued to drive crude prices higher. November-dated West Texas Intermediate (WTI) crude rose 67 cents, or 0.9%, to settle at $74.38 per barrel on the day. Black gold was up 9% for the week — its best since March 2023.With an aggressive interest rate cut now less likely after today’s latest payrolls report, gold prices pulled back. Gold for December delivery fell $11.40, or 0.4% to trade at $2,667.80 for the day, and lost around 0.02% for the week.More By This Author:Stocks Choppy Despite ‘Soft Landing’ SignalsDow Sheds Triple Digits As October Continues To Drag Stocks Extending October Slump As Oil, VIX Pop
Oil Posts Best Week Since March 2023
