ZLBT Chats

Saturday, November 10, 2012

WALL STREET 10 Nov 2012 >>> 'Cliff' Fears Give Stocks Worst Week Since June

DJIA edge up but post heavy weekly losses
Dow, S&P suffered worst week in 5 months
Despite a small advance on Friday, stocks ended up having their worst week since June as investors moved on from Tuesday's election and worried about the impending US "Fiscal Cliff."

For the week, the Dow fell 2.1 percent, while the S&P 500 lost 2.4 percent and the Nasdaq dropped 2.6 percent since President Barack Obama won re-election on Tuesday, the market is down well over three percent.

On Friday, stocks lost most of their earlier gains after Obama called for higher taxes on the rich.
After a choppy trading session, the Dow Jones Industrial Average 
rose 4.07 points, or 0.03%, to end at 12,815.39, but it dropped 2.1% for the week. This was Dow’s third consecutive week of losses.
The S&P 500 climbed 2.34 points, or 0.2%, to end at 1,379.85, but it declined 2.4% for the week. Technology led sector gains Friday, while utilities performed most poorly among the 10 industry groups.
The Nasdaq Composite added 9.29 points, or 0.3%, to end at 2,904.87, but it dropped 2.6% for the week, posting its fifth consecutive week of losses.

The CBOE Market Volatility Index (VIX) moved modestly higher amid continued trepidation among investors. While staying south of the $19 level, the VIX added close to 0.7% on the day and finished the week 5.8% higher.

Around 740 million shares traded on the New York Stock Exchange. Composite volume topped 3.6 billion.

No comments:

Post a Comment