Volatility in Wall Street was the name of the game this week. U.S. Stocks went up on Monday, down on Tuesday, up on Wednesday, way down on Thursday, before closing green on Friday.
Some investors have stated that the slowing housing market, huge subprime related corporate write downs, weak manufacturing growth, oil at $94 a barrel and gold at $800 an ounce will lead to a significant recession looming. Others have stated that the Federal Reserve rate cuts, robust jobs growth, and an advance in our country’s Gross Domestic Product will lead to a resilient and continually growing economy. It is not easy to say what party is correct.
The Dow Jones Industrial Average ended up 27 points at 13,595.10 on Friday but lost 1.5% for the week. The Standard & Poor’s 500 Index closed at 1,509.65 a 1.2 point gain for the day and a loss of 1.6% for the week. The technology heavy Nasdaq Composite closed at 2,810.38, up 15.55 for the day, and 0.2% for the week.
