Gina Francolla is the Senior Producer of Quantitative & Market Data Services at CNBC.
The equity markets end the week sustaining their gains from the April Fool's rally with the NASDAQ once again in the lead, in the positive for the last three weeks.
For the week ending Friday, March 28, 2008 the US Markets ended mixed after starting on a high note Monday extending last week's market rally. The winning streak came to an end on Tuesday when the Dow closing down for the first time in three sessions. The NASDAQ had the strongest performance of the week managing a positive gain despite weak earnings from Oracle and poor performance from Google . Economic data dragged on the markets with consumer sentiment and confidence at low levels and negative housing data.-Next week the markets will watch Friday's jobs report for evidence of recession, and any revisions on guidance as we move into earnings season. Alcoa kicks off "official" earnings season on Monday, April 7th after the bell. The big companies for next week all hit on Wednesday with RIM , Monsanto and Best Buy all reporting earnings.
The major U.S. indexes were a mixed bag this week, all close to flat, commodities halt their record setting pace, and the US dollar manages to hold its ground against most major currencies.
Senators Obama and Clinton are all about the economy today. The battle between the two Democratic candidates has heated up in the last weeks with issues on race and Obama's former pastor and Clinton's incorrect recollection of Bosnia sniper fire, but today the candidates focus on our sweet spot, the economy.
For the short week ending Thursday, March 20, 2008 the US Markets ended up. Market moving events include the JP Morgan Chase takeover of Bear Stearns and a Fed rate cut of 75 basis points. The Dow gained 420 points on Tuesday, only to give back 293 points the next day. A rally today kept the Dow, S&P, and NASDAQ up 3.43%, 3.21%, and 2.06% for the week, their best performance in 7 weeks. Next week, the markets will watch for the economic data including Durable Goods, GDP, and Personal Income numbers. Earnings from Lennar (LEN) will give another read on the housing sector.
As we all know, the Visa (V) IPO priced last night at $44 per share, above its range of $37 - $42 per share, raising $17.9 billion, and beating the previous record held by the AT&T Wireless IPO back in 2000, which raised $1 billion.
Bear Stearns has lost almost 84% in its market cap since Friday's close and Bear Stearns is down over 97% from its closing high of $171.51 hit on 1/12/07.-From its high in January of 2007, Bear Stearns has lost more than $19 billion in market cap.
For the week ending Friday, March 14, 2008 the US Markets ended mixed. Market moving events include the Fed's $200B expansion of its securities lending program and the Bear Stearns bailout, amongst others leading to extreme market volatility. The Dow gained 417 points on Tuesday, only to lose the majority of its gains to close up only 0.48% for the week. The VIX crossed 30 for the first time since January. Next week, the markets will watch for the the FOMC announcement on interest rates Tuesday, the Visa IPO on Wednesday, and a slew of brokerage earnings including Goldman Sachs, Lehman Brothers, Morgan Stanley and possibly Bear Stearns.