On a week where the US closed the chapter on a historic election, the markets rallied on Friday, up almost 2.5% or greater, however, all the major indices finished the week down about 4%. Small-cap companies continue to lag, with the Russell 2000 down almost 6% for the week.
-IBM had the most negative impact on the Dow, down over 7% for the week
-Coke had the most positive impact on the Dow & the S&P 500 up almost 5% for the week
*Five Dow Components were positive on the week: KO, MMM, VZ, T and CAT
-Bank of America had the most negative impact on the S&P 500, down over 15% for the week
-Comcast had the most positive impact on the NASDAQ 100, up almost 11% for the week
-Google had the most negative impact on the NASDAQ 100, down almost 8% for the week
Nine out of ten sectors were negative for the week led by Financials. Telecomm was the only positive sector for the week, up nearly 1.5%.
Financials were dragged down by General Growth Properties down 50% for the week, trading at its lowest level since the company went public for the second time in 1993.
Telecomm was buoyed by Frontier Communications up over 15% for the week.
Oil settled at $61.04 per barrel, after falling below the $60 mark overnight for the first time in 19 months. Crude Oil contracts for December delivery fell nearly 10% for the week, bringing the year-to-date drop to 36.4%.
The AAA current national average for regular gas is $2.314 per gallon, down 24.40% from a year ago, when the average was $3.061 per gallon.
The US Dollar falls on the week US jobs report, but manages to be slightly positive for the week against most major currencies
-The Bank of England, European Central Bank, Reserve Bank of Australia, and Swiss National Bank reduced their interest rates this week, as central banks from around the world modify their monetary policies in an effort to deal with the global economic crisis.