Financial Weekly Review (Nov. 28-Dec. 2)
The three major U.S. Stock indexes all ended up by roughly 7% for the week, with the Nasdaq gaining the most at 7.6%. The Nasdaq gained on each day of trading in the past week except for Tuesday, Nov. 29th, when it closed down 11.83 points, or 0.47% at 2,515.51. The Dow-Jones IA and the S&P 500 ended ahead on three of those days. On Wednesday, Nov. 30th, each of the big three indexes gained over 4%.
Looking at Friday alone, the Nasdaq managed to squeak by with a gain of just three-quarters of a point (0.03%) to close up at 2,626.93. The Dow lost -0.60 points (0.01%) and closed barely down at 12,019.42. The S&P shed just three-tenths of a point (0.02%) on Friday, closing down ever so slightly at 1,244.28
In Canada, Toronto’s TSX fell -38.20 (-0.32%) on Friday, ending at 12,075.09.
On the European front, the markets fared even better. In France, the CAC-40 gained 10.8% for the week, and Germany’s DAX Index was right behind with 10.7% for the week.
On Friday itself, the DAX closed up +44.80 points, a gain of 0.74%, at 6,080.68. The CAC-40 gained +35 points, or 1.12%, and finished at 3,164.95. The UK’s FTSE 100 Index closed at 5,552.29, following a gain of +62.95 points, or 1.15%. Spain’s IBEX 35 gained the most, rising +137.60 points, or 1.63%, to end at 8,558.60.
The Euro Stoxx 50 closed up +29 points, or 1.24%, to end at 2,342.50.
In Asia, the Nikkei rose +46.37 points, or 0.54%, to close at 8,643.75, and the Hang Seng rose +38.13, or 0.20%, to close at 19,040.40. The Shanghai Composite didn’t share in the good fortune, falling -25.68, or -1.08%, and closing down at 2,361.18. The BSE Sensex of Mumbai rose +363.38 points, or 2.20%, and closed up at 16,846.83.
Crude oil that was selling for $97.91 per barrel on Monday closed at $100.96 on Friday. Prices for all common types of oil were up on Friday, however, natural gas prices declined.
Monday’s gold price of $1,717 per troy ounce had risen by Friday to $1,749. Silver closed at $32.84.
The U.S. Bureau of Labor Statistics released a report stating that the unemployment rate had dropped to 8.6%; however many employed Americans are working part-time and are still underemployed. This report follows particularly strong consumer spending last month during Black Friday and Cyber Monday, two of the biggest spending days of the year for the U.S.
This coming Thursday and Friday (Dec. 8 & 9), leaders from each of the EU nations are scheduled to meet in Belgium to continue work on a solution to the debt crisis. It is anticipated that the European Central Bank will announce a cut in interest rates at its next meeting on December 8.