Heads For Best Month Since 1987
Despite the Dow's lethargic performance on the day, the blue-chip index powered 422 points higher this week, marking its fifth straight weekly gain as it heads for the best monthly performance in 24 years.
The Dow Jones Industrial Average rose 22.6 points, or 0.18%, to 12,231, the S&P 500 gained 0.49 point, or 0.04%, to 1,285 and the Nasdaq Composite fell 1.5 points, or 0.05%, to 2,737. Traders took a breather on Friday following a very strong showing in the prior session. Volume on the New York Stock Exchange was much lighter than it was on Thursday when the Dow zoomed 340 points to the upside.
Despite falling share prices Friday, the markets are headed for their best October performance on record, as easing European tensions, and generally upbeat corporate earnings have boosted traders' confidence. Indeed, this week's rally knocked most major market indices into the black for 2011. The Dow, S&P, and Nasdaq are all trading at their highest level in three months.
European blue chips fell 0.18%, the English FTSE 100 dipped 0.2% to 5,702 and the German DAX fell 0.2% to 6,346.
In Asia, the Japanese Nikkei 225 jumped 1.4% to 9,050 and the Chinese Hang Seng soared 1.7% to 20,019.
All eyes are still fixed on Europe, however, even after policymakers Thursday crafted a plan to tackle the region's debt crisis that has threatened some of the world's biggest economies. Doubts still remain among analysts as to whether the euro zone's $610 billion rescue fund, even after substantial leveraging, will be enough to tackle future sovereign debt crises, particularly if they strike big economic players, like Italy.
The currency bloc is hoping China may make an investment in the fund, taking advantage of its strong position in currency markets. However, European and Chinese leaders downplayed that notion on Friday, according to several media reports from Asia and Europe.
HAPPY WEEKEND
No comments:
Post a Comment