Dow Breaches 30K, Still Nabs Second-Straight Weekly Win
Lackluster retail sales and consumer sentiment datasent stocks skidding into the weekend, squashing any hopes that Wall Street's rally yesterday could have legs. Despite a triple-digit pop in the morning, the Dow ultimately shed 403 points, closing back below the psychologically significant 30,000 level. Nevertheless, thanks to yesterday's massive gain, the blue-chip index logged its second-straight weekly win.
The Nasdaq and S&P 500 finished deep in the red as well, tagging weekly losses in the process. Elsewhere, the 10-year Treasury yield clocked a second-straight day above 4%, while the Cboe Volatility Index (VIX) logged its highest weekly close since April 29.
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TheDow Jones Average (DJI - 29,634.83)shed 403.9 points, or 1.3% for the day, but rose 1.2% for the week. JPMorgan Chase(JPM) led the gainers, adding 1.7%, while American Express (AXP) paced the laggards with a 3.4% drop.
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