A G20 & APEC Week Ahead For Asian Markets
# NIKKEI Jumps 2.9% week-on-week
# HSI Jolted A Terrific + 7.71%
# Shanghai SSEC Up + 5.06%
# Singapore STI Reap + 3.11%
# Australia AORD Rooed+ 2.95%
# Bombay BSE Curried+ 4.86%
# TAIWAN TWII Churned+ 1.09%
#KOREA KOSPI Ginsenged + 2.97
US Stocks Gain 2.93% w-o-w
After a trading week that was chock-full of major fundamental developments -- midterm elections, the Fed's much-hyped QE2 announcement, and today's jobs data -- traders seemed relatively exhausted today, with neither bulls nor bears willing to make any drastic moves ahead of the weekend. While all three of the major market indexes climbed just high enough to find new two-year peaks, it was a generally unremarkable session for U.S. stocks. However, the Dow & Co. were able to end the week with solid gains.
WS Friday Round-up
The Dow Jones Industrial Average (DJIA – 11,444.08) spent plenty of time in negative territory, but eventually elbowed its way to a 9.2-point gain, adding 0.08% for the day.
The Dow added a healthy 2.93% this week after peaking today at 11,451.53 -- its highest price since September 2008.
The S&P 500 Index (SPX – 1,225.85) followed suit with a slim advance of 4.8 points, or 0.4%, but ended the week up 3.6%. The SPX climbed as high as 1,227.08 today, marking a fresh two-year high for the broad-market bellwether. The index also managed to notch its first weekly finish above 1,200 since April. Finally, the Nasdaq Composite (COMP – 2,578.98) tacked on 1.6 points, or 0.06%, bringing its weekly gain to 2.9%. The tech-rich COMP touched a session high of 2,582.18, tagging its best price since January 2008. The US Dollar rebounded from it's spiral to gain +71 for Friday sessionWeek-on-week the USD Index is still down -0.59%
CRUDE HIGHER + 6.83% WEEKLY
Crude futures gained a little bit of ground today, despite the generally ambivalent mood on Wall Street. Traders took their cues from the day's better-than-expected payrolls report, which stoked expectations for an uptick in energy demand. A modest rise by the beaten-down U.S. dollar kept a lid on crude's positive momentum, but oil futures nevertheless settled at a two-year peak today. Crude oil for December delivery tacked on 36 cents, or 0.4%, to end at $86.85 per barrel, its best finish since October 2008.
For the week, black gold added an impressive 6.7%.
(Pls note the above Crude Weekly Chart was still active when screen shot captured)
HAPPY WEEKEND
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