June 7th 2020
U.S. stocks rallied for the week, with one major average scoring a record close. The Dow Jones Industrial Average jumped 6.8% over the week to close at 27,110.98. The blue-chip index is only down 5.0% year to date after dropping as much as 34.6% in 2020. The S&P 500 rocketed 4.9% for the week to finish at 3,193.93. Friday’s rally put the S&P 500 down just 1.1% for 2020. At one point this year, the broader market index was down 30.3%. The Nasdaq ended at 9,814.08 and climbed 3.4% over the past week. The heavy-tech index became the first of the three major averages to climb back to an all-time high, advancing to 9,814.08 on Friday and touching an intraday record of 9,845.69. After tumbling as much as 25% earlier this year, the tech-heavy index is now 9.3% higher for 2020. All key S&P sectors ended in positive territory for the week, led by the energy sector. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, closed near 24.5.