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.

By Charley Blaine Jan 4, 2013 6:18PM
Stock market traders © Photodisc/SuperStockAdmittedly, just about all of the stock market's gains this week came on Wednesday when the Dow Jones industrials ($INDU) jumped 308 points.

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.
4Comments
Jan 4, 2013 6:54PM
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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...

Jan 6, 2013 4:03PM
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When MSN started shifting around where ordinary folks were allowed to blog and got pizzy about what some wrote, those folks left and now all these side advertisements will see less traffic and leave as well. 
Jan 4, 2013 8:57PM
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Wow, the Obama Rally soldiers on. Where are all those bloggers like Ted Nugent who threatened to leave the country if Pres. Obama was re-elected? Probably somewhere wondering why they just missed another rally because of their ignorance and prejudice like 1 Classy Lady. It was common sense that we needed to change because the Republicans are no longer the party of small business. Force-feeding right-wing fears of the world and regressive religious beliefs to our children is being replaced by a common path of thinking that we need new ways of harnessing energy in order to never again be held hostage by some CIA-paid dictator manipulating our oil supply through bribes and intimidation. Why bother teaching political science in college or foreign affairs when the entire drama we have witnessed since Reagan has been one of fraud and outright lies to the public. So many trillions wasted with nothing to show for it. Has any other country matched our ignorance in feeding money to dictators paid off by Big Oil? Henry Ford sold us down the river when he chose gasoline engines over electric ones in order to help the fledgling oil industry. Now we have bankrupcty, irreparable pollution and deals with the devil. This market is going higher because the GOP is dead. We tried it their way and failed miserably, almost destroying modern-day society. There will be hard times ahead as we deal with spending cuts but under this President we will regain the moral high ground. The American Dream is global now so continue to invest globally - not with blinders on like the Republicans. BULL MARKET IN PLAY.  
Jan 6, 2013 1:27PM
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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] Equity indices are little changed at midday with the S&P 500 hovering within a point of its flat line. Small caps underperform with the Russell 2000 trading lower by 0.2%.

The first two sessions of the week produced the lightest volume totals of the year so it was not surprising to see the key indices respect narrow ranges through the first half of action today. After opening on a slightly higher note, the S&P 500 has remained within two points of its flat line. ... More

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