Finance

Market Recap: Worst Week of 2012

Markets closed mixed today:

▼ Dow: -0.11 percent
▲ Nasdaq: +0.40 percent
▼ S&P: -0.06 percent

Precious metals:

▲ Gold: (NYSE:GLD) up +0.70 percent to $1,630.05 an ounce
▲ Silver: (NYSE:SLV) up +1.30 percent to settle at $31.67

Commodities:

▲ Oil: +1.08 percent

Markets closed mixed because:

Stocks just had their worst week of the new year.

The Standard & Poor’s 500 ended a shortened trading week down 0.7 percent. Though modest compared to the scary drops last year, it’s the worst since the week ended Dec. 16, 2011.

Stock trading will be closed for the Good Friday holiday.

Investors sold stocks Thursday on fears that Spain may have trouble paying back its debt after a key interest rate on Spanish government bonds rose to the highest point since November.

“The firewall that Europe has established is in no way adequate to handle a Spanish default,” said Jim Russell, chief equity strategist at U.S. Bank Wealth Management. “We’re hopeful that (its debt) will be manageable, but we’re not sure.”

The S&P 500 fell 0.88 point Thursday to close at 1,398.08. The Dow Jones industrial average fell 14.61 points to 13,060.14. The Nasdaq composite rose 12.41 points to 3,080.50.

The Dow and S&P fell right after the opening bell, then turned up briefly before dropping again.

The selling came after the Dow had dropped nearly 125 points a day earlier, its worst decline in a month. That was triggered by minutes from the Federal Reserve‘s last meeting suggesting that the central bank didn’t plan any more steps to push interest rates lower.

“The sell-off yesterday was a little overdone, a reaction to how far we came for the quarter, and how fast,” said Brian Lazorishak, a portfolio manager at Chase Investment Counsel. For the first three months of the year, the three major indexes were up 8 percent or more, the best start to a year since the great bull market of the 1990s.

Spain has become the latest point of concern in Europe’s debt crisis. Investors are concerned over the ability of the country’s government to push through cost-cutting programs at a time when its economy appears to be heading for another recession.

Gold closed up $16 to $1,630 per troy ounce, recovering from a big loss the day before. Gold had fallen $58 Wednesday to its lowest level in three months.

The Associated Press contributed to this report.

Comments (14)

  • Just in time
    Posted on April 5, 2012 at 10:58pm

    The federal reserve should be abolished. Only then can America climb it’s way out of debt.

    Report Post »  
  • broker0101
    Posted on April 5, 2012 at 10:07pm

    Gold Recap: Worst Week Since a Couple Weeks Ago. Much More to Come Since All-Time-High of August 2011. This message brought to you by Goldline. NOT!

    Report Post » broker0101  
  • Netsurfer2
    Posted on April 5, 2012 at 9:31pm

    I always wonder “are people really that dumb?”, because all you hear about on the news is how more jobs were created and the falling unemployment happening! Don’t be so foolish to believe anything you hear! I can tell you first hand that they only count the number of people filing for unemployment, not those who have used it all up or don’t qualify for unemployment! While this country is in debt of about 17 trillion dollars and still giving away money to other countries like it is water through their hands, you can bet on a serious economic collapse near this next winter. People are going more and more into debt with spending out of control. There is no end in sight, but watch what happens when interest rates go up! When no bank will loan any money and when the dollar is practically worthless! There is an economic wave downgrading coming soon and it isn’t going to be funny! There will be more defaults and you can bet the banks will raise interest rates overnight like as if day turned to night! I expect things to get far worse and even more another coming world war! Inflation is coming even more and you better be prepared!

    Report Post » Netsurfer2  
  • Maidoff101
    Posted on April 5, 2012 at 9:20pm

    When the Fed stops pumping, The movers will start dumping!

    Report Post »  
  • barber2
    Posted on April 5, 2012 at 8:17pm

    Oh, Lord. Wonder what the next “ distraction” the Democrats come up with will be. Thrashing the SCOTUS ? Thrashing the “ do nothing ” congress ? MIC checks on Republicans ? Union protests in state capitols ? Occupies in Democrat cities ? Repeal of “ stand your ground laws ” by the DOJ ? Oh, what will our bullies in the White House come up with next to distract the public and to give their Lap Dog Media some story to focus and inflame the loopy Left base ?

    Report Post »  
  • skippy6
    Posted on April 5, 2012 at 8:01pm

    Anyone out there know the real price of gold and silver????

    Report Post » skippy6  
    • applehill
      Posted on April 5, 2012 at 9:06pm

      Silver spot price is what is posted. Right now it’s 31.66. Then add the typical seller fee of 3-4 dollars. Then add the sales tax. For me it’s 39.23. Gold I’m sure is done the same way. Not sure what the seller fee is for that.

      Report Post » applehill  
  • Gary S
    Posted on April 5, 2012 at 7:54pm

    God, gold, grub, guns, ground, gas.

    Report Post »  
    • taxpro4u03
      Posted on April 5, 2012 at 8:43pm

      ‘baccy (tobacco), CANE sugar, flour and spices trade good too ;-) — “It ain‘t ’poaching‘ if you’re feeding your family…’ –

      Report Post »  
    • possom
      Posted on April 5, 2012 at 8:58pm

      Ammo lot‘s and lot’s of ammo!

      Report Post » possom  
  • Netsurfer2
    Posted on April 5, 2012 at 7:50pm

    How foolish as if anyone did not understand that the stock market is being inflated by the Fed’s printing more money! Yes folks I said it, it’s all just a house of cards waiting to come tumbling down! As our dollar becomes worth much less, you can bet on inflation creeping up and of course the lies made by the government in charge to help ease the fears! Let me break the news gently! Your debt is marketed on a system that has no stability! The truth will set you free! Get with getting out of debt! Instead the news has said that a very high number of new cars have been purchased by our own citizens and you know what that means… more debt and high insurance rates! You can bet that sooner or later there will not be any way out regardless when interest rates creep up, because no more loans will be made and banks have to make their money some how!

    There is a bad storm coming and I wonder how many really know in how to prepare? How foolish people are when it comes to being greedy!

    Report Post » Netsurfer2  
    • A Doctors Labor Is Not My Right
      Posted on April 5, 2012 at 10:34pm

      @Netsurfer2,

      “How foolish as if anyone did not understand that the stock market is being inflated by the Fed’s printing more money! Yes folks I said it, it’s all just a house of cards waiting to come tumbling down!”

      Agreed.

      See here.

      Don’t believe the hype — the U.S economy is not recovering, it’s getting sicker.
      http://www.youtube.com/watch?v=Vcd5IO_LMBs

      Report Post »  
  • lukerw
    Posted on April 5, 2012 at 7:36pm

    Get use to that Expression!

    Report Post » lukerw  

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