finance
S&P 500 and Nasdaq Record Highest Daily and Weekly Closes
The S&P 500 rose 0.8 percent to end the week near 7,400 while the Nasdaq also posted record daily and weekly closes. Technology stocks rallied following a strong jobs report even as oil prices swung sharply amid the U.S.-Iran conflict. Bitcoin pulled back from recent highs as cryptocurrency futures recorded the longest streak of negative funding rates in a decade.
May 8, 9:52 PM·1m read11 sources
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The S&P 500 rose 0.8 percent during the session to end the week at a new record high near 7,400. The Nasdaq recorded its highest daily and weekly closes in history. According to MarketWatch, the gains occurred as technology stocks rallied on a strong jobs report.
Closing imbalances pointed to continued buying pressure, with the MOC imbalance showing net buying of 1,502 million shares for the S&P 500, 893 million for the Nasdaq 100, 380 million for the Dow 30 and 560 million for the Mag 7 stocks.
Lumentum’s stock performance ranked sixth among S&P 500 constituents for the year so far. The optical components company is set to join the Nasdaq-100 index.
Oil prices experienced volatility during the week of May 3 to May 7. com. Bitcoin slipped to $79,000 after reaching $81,500 earlier in the week. The pullback came as U.S. forces fired on Iranian targets, CoinDesk reported. Cryptocurrency futures markets posted their 67th consecutive day of negative funding rates, the longest streak in a decade according to K33 Research.
DOGE led losses among major tokens.
Japanese stocks remained near historic highs. The Nikkei 225 retreated from a record set on Thursday but recovered some ground late in the session as companies began releasing earnings reports, the Japan Times reported. No publicly released evidence in the source bundle documented specific links between the jobs report and the index closes.
The Washington Post, BBC News and NPR articles on oil prices, the Strait of Hormuz and U.S.-Iran exchanges of fire contained no statements from Iranian officials or U.S. primary-source quotes on the jobs data.
