Stocks broke three consecutive sessions of losses to end higher amid
light volume, led by financial and tech stocks, and as oil prices
stabilized. The *Dow Jones Industrial Average* gained 61.95 points, or
0.5 percent, Friday, to close at 12,130.45. For the week, the
blue-chip index fell 260.8 points, or 2.1 percent, the largest weekly
percentage drop since mid-November. The *S&P 500* gained 13.78 points,
or 1.06 percent on Friday to close at 1,319.88. For the week, the
broad market index fell 23.13 points or 1.72 percent, the largest
weekly percentage drop since mid-November. The tech-gray NASDAQ gained
43.15 points, or 1.6 percent, to close at 2,781.05. For the week, the
NASDAQ fell 52.90 points or 1.9 percent, its largest weekly percentage
drop since the week of Jan. 21.
!! FOREX !!
The Euro is in an fascinating circumstances right now. Over the coming
month, we are jumping from one major essential consequence to another
week after week. And, these particular affairs are far more
influential than just a singular economic indicator; they play to the
very core of the currency's essential appeal.
Over the past few months, the Euro has marked a notable departure from
the financial concerns that plagued the region's outlook on and off
since the Greek bailout fueled fears that the EMU itself was at risk.
Yet, just in the last week or so, we have really seen the neutral
sentiment turn bullish with interest rate expectations leveraging the
potential for capital and yield returns from this shared currency to a
level that is well further than many of its peers.
!! Commodities !!
*Oil prices traded flat,* with U.S. light crude closing above $97 a
barrel, after Saudi Arabia made assurances that it can pump more oil
to cover for a fall in Libyan exports caused by the turmoil in the
country. Meanwhile, gold *rose near $1,410 an ounce* and was on pace
for a fourth straight week of gains.
!! Equities !!
*Chesapeake Energy* was the best performing energy stock, rising 16.2
percent for the week. Several personal computer stocks also soared:
*Intel , Micron* and *AMD* all gained, while the *Philadelphia
Semiconductor index* rose nearly 2 percent.
Financials were also huge gainers for the day, *Wells Fargo* climbed
after Goldman raised its rating on the stock to "buy" from
"neutral," adage the bank could announce both a rise in its
dividend and a stock buyback, while the brokerage cut *Citigroup* to
"neutral," adage it doesn't see a near-term catalyst for the
company.
Source: Fxstreet.com
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