Based on the optimistic outlook for the U.S. economy, stock prices rose on Friday. However all main indices lost approximately 3% during the week, their worst show in about two months.
In spite of what is happening elsewhere, the retail atmosphere in the U.S. is expected to be fairly good. Most of the data published recently support this expectation of reasonably growing U.S. economy.
The Dow Jones Industrial Average ended at 11,796.16 after declining by 0.2% or 25.43 points on Friday. It was the Dow Jones Industrial Average’s lowest since Sept. 23.
The S&P 500 Index closed at 1,215.65 after declining by 0.04% or 0.5 points on Friday, the lowest since Sept. 23. Salesforce.com Inc. was down by 10% following its poor fourth quarter result.
The Nasdaq Composite closed at 2,572.50 after declining by 0.6% or 15.49 points on Friday.
At the New York Stock Exchange, the trading volume was 956 million shares.
Right from the beginning, share prices received a boost from European official comments regarding the attempts to implement the EFSF (Financial Stability Facility), in order to avoid an even deeper disaster. The supercommitte members in Washington have just five days to conclude a deal in order to avoid automatic cuts of $1.2 trillion.
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