Stock Market News: End of the Week
Yesterday the stock market ended up, after a wild ride. Although stocks ended on a weekly loss overall, it was encouraging to see that Friday ended in an overall gain, though quite modest. Cara Ellison reports on what helped pull the stock market up yesterday:
A few factors provided that catalyst: the price of crude fell modestly, and the government delivered upbeat economic data, including a surprising rise in orders for durable goods, which helped offset ongoing issues in the financial sector.
Indeed, lower oil prices have also been helping the US dollar as well. Generally good economic news has been providing a measure of support, and there is hope for a rally in the stock market, despite the latest national bank failures.
At the end of the week, here is how the stock market stands:
- Dow: 11,370.69
- NASDAQ: 2310.53
- S&P 500: 1257.76
- Russell 2000: 710.34
Gains made on Tuesday and Wednesday were erased dramatically on Thursday, leading to the overall loss for the week. But Friday marked a valiant rally, helping to limit the weekly loss.
Financials were among the biggest losers, as one might expect at this point. Fannie Mae and Freddie Mac were especially hard hit, along with Wachovia and Bank of America. Investors are looking for the bottom, and every week brings fresh hope that the bottom has been reached. Of course, only time will tell. Other sectors fared better, though, with chemicals companies and communications companies doing a little bit better.
For the next week, investors should be on the watch for additional economic data, as well as considering the fundamentals of their investments.
Disclaimer: I am not an investment professional. Nothing in this piece or on this Web site should be construed as investment advice. Before making investment decisions, do your own research and/or consult with an investment professional. All investment comes with the risk of loss. You are responsible for your own investment decisions.
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economy, investments, oil prices
