It was another turbulent week for stock markets, which saw major indexes hit new lows before rebounding. The S&P 500 finished 2.2 per cent higher; the S&P/TSX composite index fell 0.3 per cent.
Here were some of the key economic and financial headlines this past week:
- Stock markets rose sharply over the past couple of days amid mounting hopes that European policymakers are preparing a plan to shore up the banking sector in the event of a Greek debt default.
- The European Central Bank offered new emergency loans to banks on Thursday to help steady them through the government debt crisis.
- Fitch Ratings downgraded the credit ratings for Spain and Italy by one notch, noting the euro zone crisis as a particular threat.
- The U.S. Labour Department said that the economy added 103,000 jobs last month while the jobless rate held steady at 9.1 per cent.
- The Canadian dollar moved higher Friday in the wake of a solid job creation report from Statistics Canada that blew past expectations. The dollar rose 0.75 of a cent to 97.11 cents US.
- In case you didn’t hear it, Apple co-founder and long-time CEO Steve Jobs passed away at the age of 56 on Wednesday. He had faced several chronic health problems over the past few years, including a rare form of pancreatic cancer.
Weekly Market Wrap-Up (as of October 7, 2011)
The TSX closed at 11588, down -36 points or -0.31% over the past week. YTD the TSX is down -13.80%.
The DOW closed at 11103, up 190 points or 1.74% over the past week.YTD the DOW is down -4.10%.
The S&P closed at 1155, up 24 points or 2.12% over the past week.YTD the S&P is down -8.19%.
The Nasdaq closed at 2479, up 64 points or 2.65% over the past week.YTD the Nasdaq is down -6.56%.
Gold closed at 1636, up 18.00 points or 1.11% over the past week.YTD gold is up 15.13%.
Oil closed at 82.85, up 4.13 points or 5.25% over the past week.YTD oil is down -9.66%.
The CAD/USD closed at 0.962, up 0.0081 points or 0.85% over the past week.YTD the CAD/USD is down -4.05%.