It’s a week Boeing Co. executives would like to forget and more in Money & Markets’ Closing Bell.
The week ended about as bad as it started for Boeing Co. (NYSE: BA) after its CST-100 Starliner space capsule failed to dock with the International Space Station on Friday. It was the debut test flight of the capsule NASA was considering using to launch astronauts into space next year.
That closed a week where the company announced a halt in production of its 737 Max beginning in January.
Boeing shares were down 1% Friday in afternoon trading.
Money and Markets: Closing Bell
S&P 500: 3,221 (+15 points, +0.5%)
DOW: 28,454 (+78 points, +0.2%)
NASDAQ: 8,924 (+37 points, +0.4%)
GOLD: $1,477.58 (-$0.62, -0.04%*)
BITCOIN: $7,141.08 (-0.08%*)
U.S. 10-YEAR YIELD: 1.92%
*as of 4:04 p.m. EST
Golden Nuggets
The outlook for gold prices during the holiday week remains solid, despite strong market performances, according to a report from Kitco News.
Analysts said there could be a sell-off to bring gold prices down to around $1,450 next week, but that the overall outlook on gold prices next week is positive.
“Sentiment towards gold remained constructive, despite the phase-one U.S.-China trade deal; FOMC minutes broadly in line with expectations; and a U.K. election delivering a clear majority for the Conservatives, suggesting that a Brexit deal is likely to be ratified by end-January 2020,” Standard Chartered precious metals analyst Suki Cooper said.
Check back Saturday on Money and Markets for a report from two Wolfe Research analysts who see a monster 15% rally for gold over the next couple of months.
Cannabis Corner
Cannabis stocks were mostly mixed Friday.
Giants Canopy Growth Corp. (NYSE: CGC) and Aurora Cannabis Inc. (NYSE: ACB) were both down slightly while Abbvie Inc. (NYSE: ABBV) and Cronos Group Inc. (Nasdaq: CRON) were up.
In other cannabis news, South Dakota could be the next state to decide on allowing medical marijuana.
A petition to put a legalization question on the 2020 ballot to establish a medical cannabis program in the state was validated by the South Dakota Secretary of State’s office this week.
Medical marijuana is legal in 22 states — including North Dakota and Minnesota — while medical and recreational marijuana is legal in another 10 states and the District of Columbia.
Stock Market Update
Markets showed slight gains to close out the week Friday.
The S&P 500 rose 15 points, or 0.5%, to 3,221. The Dow Jones Industrial Average climbed 78 points, or 0.2%, to 28,454, and the Nasdaq composite added 37 points, or 0.4%, to finish at 8,924.
TODAY’S BIGGEST WINNERS:
(as of 3:15 p.m. EST)
Carnival Corp. (NYSE: CCL) +7.2%
Western Digital Corp. (Nasdaq: WDC) +3.2%
Advanced Micro Devices Inc. (Nasdaq: AMD) +3%
Newell Brands Inc. (Nasdaq: NWL) +4.6%
Mylan NV (Nasdaq: MYL) +2.7%
TODAY’S BIGGEST LOSERS:
(as of 3:15 p.m. EST)
CarMax Inc. (NYSE: KMX) –5.7%
F5 Networks Inc. (Nasdaq: FFIV) –3.7%
Abiomed Inc. (Nasdaq: ABMD) –3.8%
Henry Schein Inc. (Nasdaq: HSIC) –2.7%
Alexion Pharmaceuticals Inc. (Nasdaq: ALXN) –2.7%
Check back for the most important news and numbers each day after the Closing Bell, only on Money and Markets.