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 The sixth time is a charm for the Dow Jones Industrial Average, closing above 35,000 for the first time Friday, as stocks cap a buy-the-dip rebound from a selloff that opened the week.
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Stocks finish at record highs Friday, with the Dow Jones Industrial Average index closing above 35,000 for the first time, and the S&P 500 and Nasdaq Composite also at new highs, as investors cheer corporate earnings reports and brush off worries about the delta variant of the coronavirus slowing the economic recovery.
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 Oil futures edged higher on Friday, with prices shaking off a steep loss on Monday to end the week with a gain. Oil prices had plunged in the early part of the week on "concerns that rising global delta variant infection rates could undermine the economic rebound," or slow it down, said Michael Hewson, chief market analyst at CMC Markets UK. These worries haven't gone away, but even with the new OPEC agreement to raise output, there are still "residual concerns" that the market "could see supply struggle to keep up with demand, hence the recovery in prices heading into the weekend," he said. West Texas Intermediate crude for September delivery tacked on 16 cents, or 0.2%, to settle at $72.07 a barrel on the New York Mercantile Exchange. For the week, prices based on the front-month contract prices rose 0.7%, according to Dow Jones Market Data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Shares of Domino's Pizza Inc. pulled back 3.2% in afternoon trading Friday, after analyst John Ivankoe at J.P. Morgan backed away from his long-time bullish stance on the pizza seller. "Price just too high, believe now is time to step away from shares," Ivankoe wrote, as he downgraded the stock to neutral after being at overweight since March 2019. The downgrade comes a day after the stock shot up 14.6% close at a record $538.82 on Thursday, after Domino's beat profit and revenue expectations, and announced a new $1 billion stock repurchase program. Still, Ivankoe raised his price target on the stock to $530, which is now 1.6% above current prices, from $425. He said current valuations are at the higher end of the typical multiple range for Domino's stock. "[A]t this point, we don't believe a sustained higher multiple or higher earnings relative to our optimistic assumptions warrants a risk of further upside in the stock beyond current levels," Ivankoe wrote. The stock has rallied 36.0% year to date, while the SPDR Consumer Discretionary Select Sector ETF has gained 14.0% and the S&P 500 has advanced 17.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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