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Weekly Market Recap-November 4, 2011 |
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(For the week ended November 4, 2011.)
U.S. stocks finished a volatile week lower, with concerns about Europe once again driving the market. Stocks in Europe also fell, as investors awaited a confidence vote regarding Greek Prime Minister Papandreou. Stocks opened the week sharply lower, extending a global sell-off on Monday and Tuesday as euphoria over the previous week's European rescue plan faded. Prices then moved higher Wednesday and Thursday, paring recent losses even though the Federal Reserve cut its U.S. economic growth forecast and opted to take no further stimulus steps. However, the week ended on a down note, with traders taking profits Friday after the Group of 20 nations ended a summit meeting with little apparent headway in resolving Europe's debt crisis. News of a modest 80,000 rise in October U.S. non-farm payrolls and a drop in the jobless rate to 9.0% from 9.1% did little to boost investors' sentiment. Investors also continued to worry that MF Global's collapse might lead to more derivatives regulation.
| Through
11/4/11* |
1 Week |
YTD |
1 Year |
Closing Value |
| S&P 500 |
-2.5% |
-0.4% |
2.6% |
1,253.23 |
| Dow Jones Industrials |
-2.0% |
3.5% |
4.8% |
11,983.24 |
| Nasdaq Composite |
-1.9% |
1.3% |
4.2% |
2,686.15 |
Source: Standard & Poor's. The S&P 500, Dow Jones Industrials, and Nasdaq Composite are unmanaged indexes. It is not possible to invest directly in an index. Past performance is no guarantee of future results.
*Price only. Does not include dividends.
Treasury talk: Treasuries rallied as volatility in global stock markets inspired a rush on the relatively low-risk investments. The 10-year Treasury yield fell to 2.03% on Friday from 2.32% the previous week. European leaders struck a deal on a long-awaited plan to contain the continent's debt crisis, causing investors to spurn safe-haven U.S. government debt.
Fed focus: The Federal Open Market Committee didn't make any policy changes during its meeting on November 1st and 2nd, deciding not to move into another round of quantitative easing. The Fed said third-quarter economic growth "strengthened somewhat" on a reversal of "temporary factors" and that "inflation appears to have moderated since earlier this year."
The week ahead: Reports on consumer report, jobless claims, and the Treasury budget are scheduled for release this week.
© 2011 Standard & Poor's Financial Communications. All rights reserved.
© 2011, Kelly Ruggles, Spokane, WA. Web site
Kelly C. Ruggles, Spokane, WA. is a fee-based financial planner located in Spokane.
Kelly C. Ruggles, Spokane, WA. President of American Reliance Group, Inc., a registered investment advisor.
Kelly Ruggles, Spokane, WA. is the author of "The Financial Playbook" for Retirement
Kelly C. Ruggles, Spokane, WA. Does not intend to provide personalized investment advice through this publication and does not represent the strategies or services discussed are suitable for any investor. Investors should consult with their financial advisors prior to making any investment decisions.
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