S&P 500 finishes at a 5-year high
The index has a big week thanks to a partial resolution to the fiscal cliff, and the market has its best week in more than a year. Gold, however, falls for a 6th week in a row.
But the important point is this: The market did not fall apart Thursday and Friday, which often happens after a huge rally. Especially one set off by a resolution (at least for now) of the fiscal cliff.
One result: The Standard & Poor's 500 Index ($INX) finished at its highest level since Dec. 31, 2007. Another was that the market had its best weekly performance in more than a year.
Maybe the momentum will carry over into next week, when the fourth-quarter earnings season begins.
The S&P 500 ended the day up 7 points to 1,466, surpassing its 2012 high of 1,465.77 set on Sept. 14 and finishing less than two points below the 2007 close of 1,468.36. The index gained 4.6% for the week and 2.8% for the first three days of 2012.
The Dow gained 44 points to 13,435. The Nasdaq Composite Index ($COMPX) added 1 point to 3,102.
For the week, the Dow was up 3.8%, with the Nasdaq pushing 4.8% higher. The weekly gains were the best for the major indexes since the week of Nov. 28, 2011. That week, the Dow soared 7%, with the S&P 500 up 7.4% and the Nasdaq up 7.5%.
For the first three days of the year, the Dow gained 2.5% with the Nasdaq up 2.7%.
Friday's was a modest rally in a big week that also saw gold (-GC) fall for a sixth straight week. That's the longest weekly losing streak since the spring of 2004. Gold settled at $1,648.90 an ounce, down $25.70 on the day and 0.4% for the week.
The metal has fallen about 6% since Nov. 23. It had jumped quickly after President Obama's reelection.
Crude oil (-CL) in New York settled up 17 cents to $93.09, a gain of 2.5% for the week.
Twenty-four of the 30 Dow stocks were higher, led by Alcoa (AA). In addition, 386 S&P 500 stocks were higher, led by Dollar General (DG). And 59 stocks in the Nasdaq-100 Index ($NDX) were higher. Facebook (FB), up 99 cents to $28.76, was the top performer in the index, which tracks the largest Nasdaq stocks. Apple (AAPL)was the laggard, down $15.10 to $527.
The week ahead marks the start of earnings season. Alcoa, which reports after Tuesday's close, is the unofficial start to the season.
Also reporting next week are: Monsanto (MON) on Tuesday, Ruby Tuesday (RT) on Wednesday and Wells Fargo (WFC) on Friday.
Well NO one or hardly anyone talks about Markets on most of these Money sites/blog...
We had a Fantastic week of 497 pts. up on the DOW.....I'm crowing and beaming..
For the beginning of the year it was only 331 pts. up(3 days)
The other Indices fared even better in someways.....
And I hope this will be the start of a mini-bull season...
And a Bellweather of things to come this year....
Here's to yah...
Quiet weekend...hangovers or Football ??
edited***; Just as they say the "dollar stores" are losing because of a increasing recovery.
And then Dollar General(DG) goes up 5.4%....hmmmm
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[BRIEFING.COM] Equities settled on their highs after dovish forward guidance from the Federal Reserve offset the immediate impact of a tapering announcement. Although the Federal Open Market Committee reduced the size of its monthly asset purchases from $85 billion to $75 billion, it pledged to keep the target Fed Funds Rate near its current levels 'well past the time that the unemployment rate declines below 6.5%.'
The dovish guidance was also the likely reason for Treasuries retracing ... More
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