Weekly Market Highlights - Sept. 7, 2012
Domestic stock prices were sharply higher on the week. The S&P 500 and Dow Industrials surged this week on news that the European Central Bank would embark on a sovereign debt‐buying program that amounts to the most decisive step yet in resolving the three‐year old crisis. Stock prices yesterday reached their highest level since 2008. Global markets also surged on the week. European stocks vaulted higher this week on the announcement by ECB President Mario Draghi of the central bank’s unlimited bondbuying initiative. Most world markets rallied on the news, and yields on debt of troubled eurozone countries declined.
Treasury prices declined slightly this week, and yields rose. Yields on the benchmark 10‐year Treasury rose slightly this week as traders shifted to more risky assets in the wake of the ECB announcement. Yields fell somewhat today on the disappointing jobs data.
Commodity indexes were mixed this week. Precious metals continued to rally on the belief that central bank aggressiveness will devalue currencies across the world. Crude oil prices took a breather after having advanced strongly the past several weeks.
| MARKET DASHBOARD | ||||
| Index |
Price |
Weekly Chg. |
% Chg. |
YTD % Chg. |
| S&P 500 |
1,436.89 |
28.65 |
2.0% |
14.1% |
| Dow Industrials |
13,306.64 |
195.88 |
1.5% |
8.8% |
| Nasdaq Composite |
3,136.42 |
67.36 |
2.2% |
20.3% |
| Russell 2000 |
842.27 |
29.98 |
3.7% |
13.7% |
| Euro Stoxx Index |
272.30 |
6.04 |
2.3% |
11.3% |
| Shanghai Composite |
2,127.76 |
80.24 |
3.9% |
-3.3% |
| 10-Year U.S. Treasury |
1.66 |
4 bps |
NM |
‐3 bps |
| DJ UBS Commodity Index |
147.26 |
1.39 |
1.0% |
4.8% |
| Gold |
$1,737.05 |
$46.40 |
2.7% |
11.1% |
| Crude Oil |
$96.39 |
-$0.43 |
-0.4% |
‐2.6% |
| U.S. Dollar Index |
80.20 |
-0.86 |
-1.1% |
0.2% |
| VIX Index |
14.36 |
-2.35 |
-13.5% |
-35.4% |
| Source: Bloomberg | ||||
| As of September 7, 2012 | ||||