Jim Smith reacts to the president's about-face on the world stage after he vowed to make the Saudi's a 'pariah' on 'The Claman Countdown.'
A better-than-expected retail sales report helped power stocks to gains on Friday with the Dow Jones Industrial Average rising 2.1%, while the S&P added 1.9% and Nasdaq Composite 1.8%. Despite the rally, all three of the benchmarks fell for the week after consumer and producer prices climbed to fresh highs. In commodities, oil fell nearly 7% for the week to $97.59 per barrel.
All 11 of the S&P's major sectors rose led by financials and healthcare, while utilities rose the least.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| XLF | $30.74 | -0.60 | -1.91% |
| XLV | $130.18 | +3.03 | +2.38% |
| XLU | $69.63 | 0.00 | 0.00% |
{{#rendered}}Latshaw Drilling President Trent Latshaw and Tall City Exploration President and CEO Mike Oestmann criticize President Biden for looking to foreign oil instead of American producers to address the economic and energy crisis.
{{#rendered}}NorthmanTrader founder Sven Henrich provides insight on the Federal Reserve's moves to combat recession and inflation on 'Making Money.'
{{#rendered}}Alaska gov. Mike Dunleavy discusses Biden's trip to Saudi Arabia and the impact of the administration's policies on drilling projects.
Chevron's CEO had alot to say about the Biden Administration's criticism of big oil giants.
{{#rendered}}{{#rendered}}| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $31,061.23 | +431.06 | +1.41% |
| I:COMP | $11,408.56 | +157.37 | +1.40% |
| SP500 | $3,840.66 | +50.28 | +1.33% |
| C | $44.14 | -1.36 | -2.99% |
| WFC | $38.74 | -0.33 | -0.84% |
All three of the major U.S. stock averages rose 1% after retail sales jumped 1% in June beating expectations. Investors are also taking in bank earnings from Wells Fargo and Citibank, both shares gained post results. In commodities, oil rose to the $88 per barrel level.
{{#rendered}}U.S. equity futures were trading higher ahead of the release of more earnings from financial companies. Earnings reports are expected from Citigroup, Wells Fargo as well as other financial names.
Oil prices traded higher on Friday ahead of President Biden's trip to Saudi Arabia. Biden will attend a summit of Gulf allies and call for them to pump more oil.
WTI crude traded around $96 a barrel. Brent crude futures were at $99 a barrel. Oil gained amid prospects of a less aggressive U.S. rate hike.
The average price of a gallon of regular gasoline slipped on Friday morning to $4.577, according to AAA. The price on Thursday was at $4.605. Gas has declined for 28 straight days. Diesel slipped as well to $5.572 down from $5.592
{{#rendered}}Bitcoin is trading above $20,000 after two consecutive days of gains heading into Friday. The cryptocurrency has gained more than 6% during that time.
Bitcoin is up more than 10% in July, but down more than 55% year-to-date. Ether is trading around $1,200. Dogecoin is at 6 cents.
Coverage for this event has ended.