Dow Extends May Takeover, Closes Above 40k

Oil and Gold both surged for the week as well

Managing Editor
May 17, 2024 at 4:26 PM
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The Dow continued its song of success for May this week. The blue-chip index closed above 40,000 for the first time ever today after a triple digit pop, which also helped secure a fifth-consecutive weekly gain. The S&P 500 and Nasdaq also posted weekly wins, their fourth straight, though the latter fell today. After investors unpacked inflation data throughout the week, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) logged its lowest close since November 2019.

Continue reading for more on today's market, including:

  • Record-breaking week sends Dow surging.
  • Oil and gas stock for options bulls to watch.
  • Plus, GTA delay aftermath; how to use short put spreads; and another AI deal to note.

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5 Things to Know Today

  1. LiveNation (LYV) and other U.S. ticketing sites will have to be more transparent per the latest bill passed through Congress earlier this week. (MarketWatch)
  2. Popular budget airliner has decided to do away with flight change fees as an important piece of its pricing overhaul plan. (CNBC)
  3. Video game stock brushes off GTA delay.
  4. How to snag a profit using short put spreads.
  5. OpenAI deal sends Reddit stock surging.

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Oil and Gold Snag Daily, Weekly Wins

On the heels of Chinese and U.S. economic data, June-dated West Texas Intermediate (WTI) crude surged above the $80 mark for the first time this month. Oil added 83 cents, or 1.1%, at $80.06 a barrel on the day, and climbed 2.2% for the week.

Gold futures moved higher on weakness in the greenback. June-dated gold tacked on $31.90 or 1.3%, to finish the day at $2,417.40, and the week up 3.2%.

 

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