March 29th 2020
Despite Friday’s declines, U.S. major averages posted strong gains for the week, with the Dow Jones Industrial Average and the S&P 500 booking double-digit weekly gains. The Dow Jones Industrial Average rocketed 12.8% week to date to close at 21,636.78. The blue-chip benchmark recorded its biggest one-week gain since 1938. The S&P 500 finished at 2,541.47 and gained 10.3% this week for its best weekly performance since March 2009. The Nasdaq also had its biggest weekly gain in 11 years, rising 9.1% and closing at 7,502.38. Since their peaks, the Dow still stands 26.8% below its record high, the S&P 500 is down 25% from its Feb. 19 peak and the Nasdaq is off 23.6% from its all-time high. All key S&P sectors succeeded to close in positive territory for the week, led by the utilities sector. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 65.5.